Cost to rebuild homes damaged in wildfires could amount to $65B: report

More than 172K homes at risk due to fires raging NorCal

Oct.October 11, 2017 10:00 AM
Wildfires in Northern California (Credit: Getty)

Nearly 172,000 homes in Napa Valley and Santa Rosa are in the line of fire in Northern California as wildfires continue to swarm the region, the Wall Street Journal reported.

Most of the homes are low-risk but roughly 11,000 face significant damage, a CoreLogic Inc. report found.

Rebuilding the homes from scratch would cost a whopping $65 billion, according to CoreLogic. That estimation considers factors such as geography, labor and materials, and represents the absolute maximum cost.

“Although the majority of homes, 161,059, or 94 percent, are at Low or Moderate risk of damage, wildfire can easily expand to adjacent properties and cause significant damage even if a property is not considered high risk in its own right,” the report reads.

Homes in the area aren’t cheap, either. Average homes in the Napa and Santa Rosa metro cost about $599,000 — far greater than the country’s average of $201,900 — according to Zillow.

The fires spreading through Northern California have already claimed the lives of 15 individuals and destroyed much of the wine country. [WSJ]Natalie Hoberman

Related Articles

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

Andy Reid, the President of MetroStudy

The great SoCal slowdown: Homebuilding drops 18%