Most of the spending from 2017 losses won’t occur until 2019 or 2020, with a significant increase in spending on home renovations continuing through the next decade.
According to CoreLogic and Moody's Analytics' data, disaster-related damages from Hurricanes Harvey, Irma, and Maria cost about $150 billion combined, not including damages from wildfires, droughts, and winter storms. The latest analysis from the Harvard Joint Center for Housing Studies suggests that an increase of $10 billion in total disaster losses since 2014 is associated with about $300 million in additional annual spending on disaster-related home repairs.
In a recent Joint Center blog on that study’s implications, our colleague Jonathan Spader (who worked on the initial HUD study) reported that only 70 percent of hurricane-damaged properties in Louisiana and Mississippi had been rebuilt by early 2010, five years after the storms.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds that beach homes are the most sought-after vacation-home type, and the investment potential of a second home is an important factor in homebuyers' purchasing decisions
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable