How do wildfires affect real estate?

Studies find fires have a history of reducing an area’s housing demand and its property values, especially for homes with ruined views that remind residents of future dangers.

Why do some houses survive wildfires?

During a wildfire, heat and flames often get into homes through windows. Knapp said the increase in survival from 1997 and beyond was probably due to building requirements — such as double pane windows, screened attic vents and composite roofing — that made homes more fire resistant.

How did the Cedar Fire affect real estate?

The rental market will surge because many of the displaced will rent apartments and homes. In November 2003, what is called the Cedar fire burned 250,000 acres in San Diego county and destroyed 2,500 homes. After that disaster, the real estate market continued to rise after a temporary setback, hitting a peak in 2005.

Do nearby forest fires cause a reduction in residential property values?

Linear and semi-log hedonic property models identified a statistically significant decrease in property values in a town that was 2 miles from a major wildfire that burned 12,000 acres, and destroyed 10 houses. These factors combine to reduce the desirability of living in the forest, reducing house prices.

Do wildfires affect?

Wildfires increase air pollution in surrounding areas and can affect regional air quality. The effects of smoke from wildfires can range from eye and respiratory tract irritation to more serious disorders, including reduced lung function, bronchitis, exacerbation of asthma and heart failure, and premature death.

Is there such a thing as a fireproof house?

While it’s impossible to build a completely fireproof home, there are many precautions you can take to make your home as fire-resistant as possible. Here’s a step-by-step look at the measures you can work into your building plan and the materials you should use to protect your home against raging wildfire.

What happens to property values after a fire?

Usually, after similar major disasters, real estate prices tend to drop in the affected area. Even properties untouched by the fire will see a decrease in their value. All of these factors make it less appealing to live in the affected area and, thus, property values will drop.

Is buying a home in California a good idea?

California real estate can be a great investment. According to the California Association of REALTORS® Housing Market Forecast, there is a high demand from homebuyers and home-price appreciation is expected to pick up in 2021.

What makes an area susceptible to wildfires?

They can occur whenever there has been unusually warm or hot temperature for an extended period of time combined with low humidity and lack of rain. This combination of weather conditions leads to dry brush, trees, and grass, making the area more susceptible to fire from natural or human-initiated causes.