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While few politicians are talking about housing issues in this election year, it appears that both parties have reason to shine some partisan light on their local housing markets.
According to a new study by ATTOM Data Solutions, homeowners living in congressional that are currently in Democrat control gained more than twice as much in housing wealth over the past eight years as homeowners living in Republican-controlled districts. In a national number-crunch of 2.4 million single family homes purchased eight years ago, ATTOM affirmed that congressional districts with a Democrat in the House of Representatives gained an average $59,467 in value since their 2008 purchase, or a 21 percent return, compared to a $22,086 average increase in value, or a 10 percent return, for the homes in Republican-controlled districts.
However, homeowners in Republican-controlled districts enjoy much lower property taxes: $2,514 on average representing a 1.02 effective tax rate, versus the $3,659 representing a 1.07 percent tax rate for homeowners living in Democrat-controlled districts. And in seven of the 11 battleground states up for grabs in this year’s presidential election, homeowners in Republican-controlled districts enjoy higher returns on investment.