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How will sea level rise affect real estate values?


the devastating wildfires in California and other climate-related “Acts of God” bedeviling Americans recently. No doubt, climate change is already having an effect on real estate values. Of course, the 40 percent or so of Americans who live in coastal ...


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Published Sunday, Dec17, 2017, 4:25 pm Front Page » Business » How will sea level rise affect real estate values? Dear EarthTalk: How will climate change affect real estate values? – Jeremy Willson, Oxnard, CA It’s not surprising that questions like these are on readers’ minds today, given the relentless hurricanes in the Southeast, the devastating wildfires in California and other climate-related “Acts of God” bedeviling Americans recentlyNo doubt, climate change is already having an effect on real estate values. (adsbygoogle = window.adsbygoogle || []).push({}); Of course, the 40 percent or so of Americans who live in coastal areas are at most risk of financial loss, given rising sea levels and the increase in intense storms and attendant floodingA recent analysis by Attom Data Solutions found that home sales in flood-prone areas grew 25 percent less quickly than in counties not prone to flooding over the last five years. “If sea levels rise as much as climate scientists predict by the year 2100, almost 300 U.Scities would lose at least half their homes, and 36 U.Scities would be completely lost,” says Krishna Rao, Director of Economic Product & Research at ZillowAcross the country, some 1.9 million homes—worth some $882 billion in the aggregate—are at risk of literally being “underwater” as sea levels rise in coming decades. Those states with lots of people living along their coastlines would be hardest hit“More than one in eight properties in Florida are in an area expected to be underwater if sea levels rise by six feet, representing more than $400 billion dollars in current housing value,” reports Rao. (adsbygoogle = window.adsbygoogle || []).push({});   (adsbygoogle = window.adsbygoogle || []).push({}); But living away from the coast doesn’t guarantee your real estate values won’t be affected by climate change, given the increase in extremely warm days across the country and the extension of the wildfire season across much of the WestVerisk, an insurance industry data analytics provider, reports that more than two million homes within California alone are already located in high risk zones. “The amount of fire that is projected to increase in a warmer world is an increase of anywhere between 100 percent and 600 to 700 percent, and that’s just with [a 1ºC increase in global average temperature],” says Mika Tosca of the non-profit Union of Concerned Scientists (UCS)“And if we’re projected to see 6ºC of warming, you can imagine what’s going to happen.” To make matters worse, the insurance system isn’t keeping pace with the onslaught of climate effectsWhen Hurricane Harvey flooded Houston in late August 2017, 85 percent of the victims didn’t have flood insurance and had to start all over again financiallyAnd while fire insurance may be required as part of owning property, the economic impacts of increasing wildfires—so far residential insured losses from the October wine country fires alone total upwards of $3 billion—could be a head shot to the insurance industry if it doesn’t raise premiums across the board accordingly. (adsbygoogle = window.adsbygoogle || []).push({}); So even if your home isn’t directly affected by climate change, your pocketbook will be, given that everyone’s rates will need to go up to pay for an increasing number of catastrophic property claims. CONTACTS: Attom Data Solutions, attomdata.com; Zillow, zillow.com; Verisk, verisk.com; UCS, ucsusa.org. EarthTalk® is produced by Roddy Scheer & Doug Moss and is a registered trademark of the nonprofit Earth Action NetworkTo donate, visit www.earthtalk.org. Send questions to: question@earthtalk.org. Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Tumblr (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window)Click to share on Telegram (Opens in new window)Share on Skype (Opens in new window) (adsbygoogle = window.adsbygoogle || []).push({}); (adsbygoogle = window.adsbygoogle || []).push({});   Discussion var disqus_url = 'http://augustafreepress.com/will-sea-level-rise-affect-real-estate-values/'; var disqus_identifier = '143512 http://augustafreepress.com/?p=143512'; var disqus_container_id = 'disqus_thread'; var disqus_shortname = 'augustafreepress'; var disqus_title = "How will sea level rise affect real estate values?"; var disqus_config_custom = window.disqus_config; var disqus_config = function () { /* All currently supported events: onReady: fires when everything is ready, onNewComment: fires when a new comment is posted, onIdentify: fires when user is authenticated */ this.language = '; this.callbacks.onReady.push(function () { // sync comments in the background so we don't block the page var script = document.createElement('script'); script.async = true; script.src = '?cf_action=sync_comments&post_id=143512'; var firstScript = document.getElementsByTagName('script')[0]; firstScript.parentNode.insertBefore(script, firstScript); }); if (disqus_config_custom) { disqus_config_custom.call(this); } }; (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = '//' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); (adsbygoogle = window.adsbygoogle || []).push({}); medianet_width='300'; medianet_height= '250'; medianet_crid='388853654'; (adsbygoogle = window.adsbygoogle || []).push({}); (adsbygoogle = window.adsbygoogle || []).push({});   Contact Us | Connect with Editor | Advertise AugustaFreePress.com covers Waynesboro, Staunton, Augusta County and surrounding areas in Virginia.

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