Report Predicts Climate Change Impact on Coastal Housing
November 14, 2018
If climate change continues at its current pace, approximately 386,000 U.S. homes in coastal metro areas are likely to be at risk of regular flooding by 2050, according to a report issued by Zillow and Climate Central.
The report also stated that moderate reductions in emissions-driven pollution could reduce the number of current homes in at-risk areas to 348,000 by 2050. By the year 2100, Zillow and Climate Control predict that 1.3 million current homes will be at risk of regular flooding if emissions are cut moderately while 2.5 million homes would be at risk if emissions grow unchecked.
“This research suggests that the impact of climate change on the lives and pocketbooks of homeowners is closer than you think,” said Skylar Olsen, Zillow's Director of Economic Research and Outreach. “For homebuyers over the next few years, the impact of climate change will be felt within the span of their 30-year mortgage. Without intervention, hundreds of thousands of coastal homes will experience regular flooding and the damage will cost billions.”
Dr. Benjamin Strauss, CEO and Chief Scientist of Climate Central, said, "The combination of Zillow's data with Climate Central's coastal analysis has given us our most detailed picture yet of U.S. homes at risk from rising seas. And we have discovered that many communities are growing faster in areas facing chronic future floods than they are in higher areas. It's difficult to plan for higher seas if you are busy digging deeper holes."
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