Americans who live in US congressional districts represented by a Democrat are more likely to have substantial home equity built up, according to a political housing analysis from ATTOM Data Solutions.
The report showed that the average home in Democratic areas is worth 75% more than those in counties that lean Republican.
Among the 3 million single-family homes sold last year in the US, the average home price in counties with Democratic members of the US House of Representatives was $428,958 – almost double the average price in Republican-leaning counties ($245,085).
However, property taxes in Republican-controlled districts are nearly half of what homeowners pay in Democratic areas.
“On the flip side, homeowners in Republican-controlled districts pay lower property taxes — $2,676 on average, compared to $5,127 in Democrat-controlled districts,” ATTOM said in a statement. “Republican counties also have fewer homes that have been taken over by lenders in foreclosure proceedings: about 50,000, versus 61,000 in Democratic counties.”
ATTOM also found that 31% of homeowners with mortgages in Democratic-leaning areas were considered equity-rich, meaning that their homes are worth considerably more than what they owed on their loans. Only 24.3% of owners in Republican-controlled districts were categorized as equity rich.
Meanwhile, 7.2% of homeowners in Republican counties are seriously underwater, meaning they owe at least 125% of the value of their properties. In comparison, 4.9% of owners in Democratic counties are seriously underwater.