How California Housing Stacks Up Split Into Three States
Proposed Northern California State Would Take Highest Share of Property Tax Revenue; Proposed California State Would Absorb Lowest Share of Flood and Wildfire Risk
IRVINE, Calif., July 18, 2018 /PRNewswire/ -- ATTOM Data Solutions, curator of the nation's premier property database, today released an analysis showing what the three California housing markets would look like if the state is split into three new states per a proposal that has qualified for the state's November ballot.
For this analysis, ATTOM looked at home values, price appreciation, sales volume and property taxes along with flood risk and wildfire risk for nearly 7.5 million single family homes statewide, broken down by county into the three new proposed states — Northern California (40 counties); Southern California (12 counties); and California (6 counties).
Proposed Northern California state with highest share of property tax revenue
Counties comprising the proposed Northern California state took in 41 percent of the current California's property tax revenue on single family homes in 2017 while accounting for 38 percent of homes.
Counties comprising the proposed California state took in 27 percent of the current California's property tax revenue on single family homes in 2017 while accounting for 25 percent of the homes.
Conversely, counties comprising the proposed Southern California state account for 37 percent of the current California's single family homes but took in 32 percent of the total property tax revenue on those homes in 2017.
View property tax and home value interactive visual
Northern California outperforming in home price appreciation
Median home prices in the proposed Northern California state are up 120 percent since the bottom of the market in Q1 2009, while median home prices in the new Southern California are up 106 percent and median home prices in the new California are up 98 percent over the same period.
The proposed Northern California state is also outperforming when it comes to home price appreciation over the past year — up 9 percent compared to 8 percent in the proposed California and 7 percent in the proposed Southern California — and the last five years — up 64 percent compared to 59 percent in the proposed California and 57 percent in the proposed Southern California.
Southern California outperforming in home sales volume
First quarter 2018 home sales in the proposed Southern California state are up 59 percent compared to 10 years ago, in Q1 2008. That compares to a 52 percent increase in the proposed California state and a 35 percent increase in the proposed Northern California over the same period.
Single family home sales in the proposed Southern California state also accounted for a disproportionately high share of home sales in Q1 2018 (42 percent) relative to its share of single family home inventory (37 percent).
View home price appreciation and sales volume interactive visual
Proposed California state with lowest share of flood and wildfire risk
Less than 1 percent (0.94 percent) of all single family homes in the proposed California state are in high-risk flood zones compared to 2.26 percent in the new Southern California and 3.72 percent in the new Northern California.
Additionally, just over 2 percent (2.02 percent) of all single family homes in the proposed California state are in high-risk wildfire zones compared to 7.26 percent in the new Northern California and 9.38 percent in the new Southern California.
"The proposed state of Northern California definitely bears a disproportionate share of real estate related flood risk, which makes sense given the terrain and the waterways present there," said Clifford A. Lipscomb, vice chairman and co-managing director at Greenfield Advisors, a real estate research firm. "In contrast, the data show that the proposed state of Southern California bears the bulk of the risk when it comes to wildfires. The data suggest that Southern California has almost $30 billion more real estate exposure to wildfire risk than the proposed Northern California. California is in a distant third place for both types of risk in terms of real estate."
View flood and wildfire risk interactive visual
Methodology
Home value data for this analysis was based on the ATTOMIZED Automated Valuation Model (AVM) developed by ATTOM Data Solutions and AVM Analytics and derived from public record sales deed and mortgage data. Median home prices, price appreciation and sales volume data used in this analysis were also derived from public record sales deed data collected by ATTOM from county recorders' offices while property tax data was derived from county tax assessor data collected by ATTOM.
Wildfire data used in the analysis is from the United States Department of Agriculture Forest Service and Fire Modeling Institute, and for this analysis ATTOM looked at the number and percentage of single family homes in each county located in "Very High" or "High" Wildfire Hazard Potential (WHP) areas.
Flood zone data is based on flood zones created by the Federal Emergency Management Agency (FEMA), and for this analysis ATTOM looked at the number and percentage of single family homes in each county located in high-risk flood zones: A, A99, AE, AH, A, V and VE.
About ATTOM Data Solutions
ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
Media Contact:
Christine Stricker
949.748.8428
[email protected]
Data and Report Licensing:
949.502.8313
[email protected]
SOURCE ATTOM Data Solutions
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article