The Presidential race may be top-of-mind this election season, but another crucial election takes place this November: representation for all 435 congressional districts.
All members of the House of Representatives are up for re-election this year, and a new study from Attom Data Solutions suggests why homeowners should pay close attention to their ballot picks.
Of the 2.4 million single-family homes purchased eight years ago, those within Democrat-controlled congressional districts realized a 21-percent home value return of $59,467, on average, Attom illustrated in its latest report.
Meanwhile, homeowners within Republican-controlled congressional districts saw a lesser 10-percent average ROI over the last eight years, or $22,086.
Keep in mind, the report shows the average home value of Democrat-run districts tends to run higher, at $340,544 — while the average home value in Republican-run districts is $247,443.
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The average property tax rate in Republican districts is lower, at 1.02 percent, costing $2,514 per year. For Democratic congressional districts, the average property tax rate is 1.07 percent, or $3,659, per year.
Congressional districts within large metros
Los Angeles County, comprising 18 different districts, is widely controlled by Democrats, with the exception of three current Republican representatives. The average market value of homes in Democrat-run districts is $760,060 — representing a 24 percent ($145,019) average gain from the estimated purchase price in 2008. The average property tax across the districts is $7,376.
Los Angeles County homes in the three Republican-run congressional districts hold an average value of $413,223, with a $78,464, or 23 percent, return since purchase. The taxes in these districts average $4,077 per year.
In San Francisco County, with full Democrat representation, homes purchased eight years ago hold an average market value of almost $1.4 million, gaining an average 50 percent ROI over the last eight years, according to the report. Property taxes in this area cost $9,698 per year.
Miami-Dade County homeowners, represented by both parties, realized higher average returns in Republican districts, at 24 percent, boosting market value in these districts to $436,776 since 2008. Meanwhile, homeowners in Miami-Dade’s Democrat-controlled congressional districts gained an average 14 percentage points, for a current market value of $390,443. The average property tax is $5,084 in Miami-Dade Republican districts and $6,111 in Democratic districts.
Chicago homes (Cook County) within Democrat-run districts saw a 7 percentage point loss since 2008, down $21,454. This steep decline led average market value to dip to $278,131. Homeowners in these districts pay an average property tax rate of 2.06 percent, or $5,738, per year.
On the other hand, the average market value of Republican congressional districts in Chicago is higher, at $518,318, but those homeowners realized an average loss of 9 percentage points, or $48,451, in the same time. At an estimated tax rate of 2.2 percent, homebuyers in Chicago’s Republican districts pay an average $11,383 per year.
New York County, or Manhattan, is fully Democrat. Homes purchased in 2008 hold an average market value of nearly $1.8 million. While this seems elevated, the current home value in Manhattan represents a staggering 79 percentage point loss since purchase, Attom says, which is down nearly $6.6 million in eight years. Estimated average property taxes in Manhattan were not reported.
Houston (Harris County) homeowners are represented by both Republican and Democratic House members, depending on congressional district. Those within Democrat-run districts hold an average market value of $167,126, up 27 percentage points (or $35,666) since purchase in 2008. The average property tax rate within these districts is an estimated 2.1 percent, or $3,506, per year.
Houston homeowners in Republican-controlled districts realized a slightly higher 31 percent average return since purchase eight years ago, up $75,094 to lift average market value to $314,041. The average property tax rate here is 2.35 percent, or $7,394, per year.
Finally, Washington D.C.’s Democrat-run congressional district holds an average market value of $801,654 – up 23 percent, or $147,349, since purchase. The estimated average property tax rate in D.C. is 0.72 percent, or $5,770, per year.
