A recent analysis by ATTOM Data Solutions, the new parent company to RealtyTrac, has uncovered that, over the past eight years, homeowners living in Republican-controlled congressional districts have gained less than half as much in housing value as homeowners living in Democrat-controlled districts.
Among 2.4 million single family homes purchased eight years ago, those in Democrat-controlled districts have gained an average $59,467 in value since purchase — a 21 percent return — compared to a $22,086 return representing a 10 percent ROI for homes in Republican-controlled districts.
But homeowners in Republican-controlled districts are paying lower property taxes — $2,514 on average representing a 1.02 effective tax rate compared to $3,659 representing a 1.07 percent tax rate for homeowners in Democrat-controlled districts.
Counter to the national trend, seven of the 11 battleground states in the 2016 presidential election have produced better ROI for homeowners in Republican-controlled districts.
When Realtor.com identified September’s hottest U.S. home markets, those medium-to-large cities where homes sell fastest because buyers are eager to buy, 10 of the top 20 were in California, and four were located in the San Francisco Bay area, not including Santa Cruz or Sacramento. Here are the top 10:
- San Francisco, California
- Vallejo, California
- Denver, Colorado
- Dallas, Texas
- San Diego, California
- Stockton, California
- Fort Wayne, Indiana
- Sacramento, California
- San Jose, California
- Waco, Texas
Also note that while which party controls your congressional district did not make our recent list of eight quirky factors that affect your home’s value, whether there is a Whole Foods or Trader Joe’s in the neighborhood did. See what other surprising things could also have an impact on the value of your home.
Methodology: ATTOM Data Solutions looked at home values, appreciation, property taxes and equity for 2.4 million single-family homes purchased eight years ago, broken down by congressional district. Those metrics were measured for all homes in congressional districts with a Democrat representative and for all homes in congressional districts with a Republican representative.