Redfin Report: Wildfires Threaten $1.5 Trillion Worth of Homes in the United States
"People who are still in shock from losing their homes and possessions from the October fires are greeting one another at open houses while comparing notes on the hotels or rentals where they are temporarily living," said Redfin
Below are the top 10 counties for risk of wildfire destruction, ranked according to the estimated total value of homes at risk. To be considered, there had to have been at least five major fires recorded by the
Top 10 U.S. Counties for Fire Risk
Rank |
County |
Major Fires in County since 1960 (FEMA) |
Estimated Median Home Value in County (Census data) |
Estimated Total Value of Homes in County (Census data, in billions) |
# of Homes at Risk in County (Census data) |
Change in Homes for Sale (December 2016-December 2017) |
1 |
|
42 |
|
|
1,499,576 |
-25.6% |
2 |
|
14 |
|
|
581,506 |
-25.0% |
3 |
|
6 |
|
|
354,255 |
-56.7% |
4 |
|
25 |
|
|
581,635 |
-19.2% |
5 |
|
6 |
|
|
837,912 |
-5.6% |
6 |
|
27 |
|
|
454,924 |
-21.1% |
7 |
|
28 |
|
|
365,576 |
-21.6% |
8 |
|
7 |
|
|
452,284 |
-8.0% |
9 |
|
18 |
|
|
170,877 |
-22.4% |
10 |
|
5 |
|
|
384,329 |
-26.1% |
"Restrictive zoning and underbuilding make wildfires even more damaging for homeowners and renters in affected areas. Despite strong demand and severe inventory shortages,
Redfin
"I was touring with clients last month, and in the 15 minutes it took to see the home, our cars were completely covered in ash from nearby wildfires," said Venti. "The homebuyers were not fazed. If anything, people are more often deterred from buying homes in this area by high gas prices and high taxes than wildfires."
For the people who are still interested in buying homes in wildfire zones, Venti has some advice.
"It's important to get a fire insurance quote before falling in love with a home," he said. "We've had people and properties receive exorbitantly high quotes for fire insurance. Others were flat-out denied coverage because the home was too risky or the buyer had a large outstanding claim from a previous fire. California FAIR Plan property insurance may be able to provide insurance for homes that have been denied coverage."
The full report, complete with a detailed methodology, can be found here: https://www.redfin.com/blog/2018/02/wildfires-threaten-1-5-trillion-worth-of-homes-in-the-united-states.html.
About Redfin
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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SOURCE Redfin
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