Flood damage as a result of rising sea levels over the next 100 years, are expected to impact over $900 billion worth of homes in the U.S. This, according to a recent report by Zillow that analyzes the types of homes that could be underwater by 2100, based on recent climate change estimates.
According to the report, less affluent homeowners stand to lose significantly more if their homes are damaged from flooding when compared to their wealthier neighbors. Zillow predicts that 1.9 million homes will be underwater by 2100 if the oceans rise six feet, and more than a quarter of these homes are in Miami.
While those with more valuable homes will lose out in dollar amount, a third of the homes in the bottom tier of their metros (32 percent) can potentially suffer a $123 billion loss. This could be life altering for the low-income population whose funds mostly go towards mortgage payments and other bills, making preventative measures against flooding an unaffordable expense. In the next 100 years, we can expect rising sea levels to impact $916 billion worth of homes, most of which are low- to medium-value properties.
Top-value homes are at risk in rural and suburban areas, while bottom-value homes are more likely to be impacted in urban areas. Here are the 10 metros that will be hit the hardest:
- Miami, Fla.
- New York, N.Y.
- Tampa, Fla.
- Fort Myers, Fla.
- Boston, Mass.
- Upper Township, N.J.
- Salisbury, Md.
- Virginia Beach, Va.
- Bradenton, Fla.
- Naples, Fla.
“We’ve seen the enormous impact flooding can have on a city and its residents,” says Dr. Svenja Gudell, chief economist at Zillow. “It’s harder for us to think about it on a long-term timeline, but the real risks that come with rising sea levels should not be ignored until it’s too late to address them. With organized and committed planning, cities can help protect both current and future residents. Living near the water is incredibly appealing for people around the country, but it also comes with additional considerations for buyers and homeowners. Homes in low-lying areas are also more susceptible to storm flooding and these risks could be realized on a much shorter timeline as we have seen time and time again.”
For more information, please visit www.zillow.com.
Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com.
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