The Home Preservation Exchange (HPE) recently invited SP Group to participate at its 2017 Forum. SP Group’s CEO, Pratima Damani participated on a panel titled “Hurricane Neighborhood Destabilization and Nonprofit/for-Profit Collaborating Solutions Roundtable”. SP Group shared data analytics highlighting communities most adversely impacted by the recent hurricanes – Harvey, Irma and Maria. This blog provides a summary of the key takeaways from our presentation that was shared at the HPE Forum on November 14, 2017.
1. Wide range of aggregate housing values in hurricane affected areas.
The statistics below are summarized for the FEMA designated relief counties that included 41 counties in Texas, 48 counties in Florida and 78 municipalities in Puerto Rico.
2. Harvey’s Impact was Highly Concentrated in a few Tracts.
Based on FEMA’s preliminary damage assessment, most of the damage to buildings occurred along the coast and in Harris County, TX. Of the 153,000 impacted buildings, 70% were located in 10% of tracts (shown in red).
3. Neighborhoods impacted by Harvey included wealthier communities
The areas that had the highest aggregate housing value exposure that also experienced a significant concentration of damage, had average home prices in the range of $330,000 and average income of $115,000, representing relatively wealthier communities (as highlighted below in red).
4. Neighborhoods impacted by Harvey that are most vulnerable
Using SP Group’s Neighborhood Distress Index (NDI), we were able to identify neighborhoods that not only suffered a concentration of structural damage but also exhibited underlying socioeconomic distress. We believe that while most areas that suffered property damage will need assistance for repair and rehab costs, the areas with limited resources may experience a more devastating impact if not carefully targeted by the federal disaster recovery programs. The map below highlights the 10 tracts that are most vulnerable to the negative impact of property damage due to the underlying socioeconomic conditions.
SP Group maintains a data library that enables the evaluation of neighborhoods impacted by any natural disaster, including for Hurricanes Irma and Maria. If you are interested in obtaining the results of our analysis for a disaster other than Hurricane Harvey, please contact us at email@example.com.
Additionally, SP Group has developed a proprietary tool that allows the user to examine neighborhood details at the tract level including housing metrics, demographic data, socioeconomic data, and local housing non-profits. For information on our Neighborhood Profile Tool, please contact us at firstname.lastname@example.org.
FEMA, DR-4332 Preliminary Damage Assessments as of September 2017
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United States Census Bureau. “B25077. MEDIAN VALUE (DOLLARS)” 2011 – 2015 American Community Survey