According to a recent data report from Redfin Corp., two out of every five properties in Utah face a high fire risk this year, with California’s premium housing market suffering the most financial losses from probable wildfire-fueled destruction (NASDAQ: RDFN).
The Dangerous Threat: Utah’s housing market has the highest fire risk among Western states, with wildfires threatening 39.4 percent of properties. With 19 percent and 14.4 percent of their residential properties at risk, Colorado and Idaho came in second and third, respectively, while five other states — Oregon, Nevada, California, Washington, and Arizona — each had fewer than 10% of their residential properties at risk. (Due to a lack of data, Montana, New Mexico, and Wyoming were excluded from this analysis.)
The fact that Utah’s three most populous cities — Salt Lake City, West Valley City, and Provo — intersect with the state’s highest at-risk locations for wildfire devastation contributed to the state’s elevated hazard rating.
Other urban regions that have grown in popularity as migration destinations and second-home vacation sites, such as Bend, Oregon; Boise, Idaho; and Lake Tahoe, California, are experiencing higher levels of fire risk, according to Redfin.
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Damage Estimates: California, according to Redfin, faces the most financial risk from fires, with the state’s pricey housing environment putting the most property value at risk ($628 billion worth of residences) in jeopardy. Utah, on the other hand, only has $220 billion in high-risk housing.
California’s vast population (it is the densest state in the West) and recent history of wildfires complicate problems. Last year, there were 10,431 fires in the state, consuming 4.1 million acres, more than any other state and accounting for roughly 40% of the acreage burned in 2020.
It’s Not Getting Any Better: According to the National Interagency Fire Center, 58,950 wildfires burned 10.1 million acres in 2020, the second-highest amount since 1983. According to Redfin, there were 47 big, active fires burning across the Western states as of June 29, with 17 of them in Arizona.
According to the Redfin research, “the start of this year’s fire season coincides with a catastrophic drought and staggering heat waves that have affected dozens of Western towns.” “On Monday, the temperature in Portland, Oregon, reached 116 degrees Fahrenheit, breaking the previous record of 112 degrees set on Sunday. The 107-degree high achieved on Saturday was eclipsed by Sunday’s record, which surpassed the previous 107-degree high established in 1965.”
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(Photo courtesy of Flickr Creative Commons user Peter Hill.)
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