The recent, historic hurricanes and wildfires in the U.S. have affected the housing market and will continue to do so for some time. At the same time, slower-moving effects of climate change on the markets, like rising sea levels, are being evaluated.
Building on their 2016 analysis of the impact of rising tides on U.S. homes, Zillow studied how many homes may be underwater by the year 2100, and how they are distributed in the top, middle, or bottom tier of their areas. Nationally, 1.9 million homes are projected to be underwater by the end of the century if oceans rise 6 feet, translating to 1.8 percent of the country's total housing stock, valued at $916 billion.
- One-third (32 percent) of underwater homes would be valued in the bottom third nationally, meaning $123 billion in losses.
- Two in five (39 percent) underwater homes would be valued in the top third nationally, translating to $597 billion in lost high-end real estate.
- In rural and suburban areas, homes in the top value tier may face particular risk, while in urban areas homes in the bottom value tier are more likely to be affected.
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