Map Shows Where House Prices Risk Falling Due to Climate Change
A recent study by First Street Foundation highlights the significant impact climate change could have on the U.S. housing market, projecting a potential loss of nearly $1.5 trillion in home values over the next 30 years.
The study identifies 21,750 neighborhoods across the country as facing "climate abandonment," characterized by population decline and rising insurance premiums due to increased risks from wildfires
flooding, and extreme weather events. Notably, areas in California's Central Valley and coastal New Jersey are among those most vulnerable.
Conversely, regions in the Midwest and parts of the Eastern U.S. are deemed more climate-resilient,
with property values in these areas expected to increase by 10.8%, equating to a gain of $244 billion over the same period.
This analysis underscores the importance of considering climate-related risks in real estate decisions
as environmental factors increasingly influence property values and insurance costs.