On top of millions of dollars of property damage, the wildfires devastating California's Napa Valley have displaced thousands of families, forcing them to seek new living arrangements in an already pricey real estate market, with a limited supply of available housing.
Before the fires hit many of these areas, housing availability was down 10 percent year-over-year in August, and in some cases more than 20 percent. The median home value is at least double the U.S. figure for the majority of ZIP codes impacted. Home values grew 8.1 percent or more over the past year, Zillow reports.
Families looking to rent a home may not fare much better, especially if they are trading in the relative stability and affordability of a long-term mortgage for the area’s expensive – and rapidly rising – rents. Median rent in Napa and Sonoma counties was $2,636 and $2,633 per month, respectively, in August, almost double the national figure of $1,430.
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