New analysis by nonprofit Union of Concerned Scientists finds that by 2045, about $135 billion worth of U.S. real estate will be under threat from flood damage, including 300,000 homes and commercial properties.
Using Zillow data to measure flood risk by ZIP code in U.S. housing markets, the report concluded that the nation's real estate markets are at risk of "sustained and widespread damage," due to rising sea levels, writes Patrick Sisson for Curbed. Financial markets do not currently account for this risk, and property values in coastal markets do not yet include this potential damage, meaning that the country remains unprepared for the "significant financial loss set to upend coastal areas," he adds.
This report is predicated on current “business-as-usual” climate change models and temperature changes. To avoid the worst-case scenarios outlines in “Underwater,” a forceful, coordinated response is needed. Homeowners and investors need better information, especially risk analysis reflecting the coming risk of rising waters. The maps used for the National Flood Insurance Program only show current risk; updating them to reflect, for instance, the risk that would increase during the course of a 30-year mortgage would lead to better long-term investment decisions.
Advertisement
Related Stories
Sustainability
Mention of Eco-Friendly Home Features Is on the Rise in Sales Listings
Home listing descriptions using eco-friendly terms have been rising over the past five years in line with growing consumer interest in the environment and energy efficiency
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Building Materials
Lumber Leads Building Materials Prices Higher in March
Overall, the cost of building materials rose during March, with softwood lumber, gypsum products, and concrete all seeing price increases. Only steel mill materials saw price drops