From Builder Magazine:
ATTOM Data Solutions today released its 2017 Environmental Hazards Housing Risk Index, which shows that median home prices in U.S. zip codes in the highest 20% for environmental hazard risk appreciated at a faster pace than the overall U.S housing market over the past year, past five years and past 10 years.
For the report, ATTOM Data Solutions analyzed 8,665 U.S. zip codes with sufficient housing trend data for risk related to four environmental hazards: superfund sites, brownfields, polluters and poor air quality.
Median home prices in zip codes in the top environmental hazard risk quintile increased 7.4% from a year ago on average (compared to 7.1% increase nationwide); increased 57.1% from 2012 (compared to 51.1% increase nationwide); and increased 22.2% from 2007 (compared to 12.3% increase nationwide).
“With housing inventory in short supply, even homes in higher-risk zip codes for environmental hazards are in high demand from buyers looking for lower-priced properties and investors looking for the next up-and-coming neighborhood,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “Buyer demand does seem to have a bit of a limit when it comes to environmental hazards, however. Homes in zip codes with superfunds on the EPA’s national priority list have seen weaker home price appreciation and have higher foreclosure rates than the overall housing market.”