Skip to main content

New Data Forecast Details Potential Property Flooding From Climate Change

Phil Hall
Jul 31, 2019
Photo credit: Getty Images/KSwinicki

A new study is warning that 20,000 homes built over the past decade are in coastal areas that are at risk for chronic flooding by 2050.
 
The new analysis issued by Zillow and Climate Control also warned that more than 800,000 homes worth a total of $451 billion could be at a risk by 2050 if rising sea levels continue as a result of unchecked greenhouse gas emissions. Those numbers jump to 3.4 million existing homes worth $1.75 trillion by 2100.
 
The data analysis also forecasted that Florida would have the most homes in the zone at risk from sea-level rise and 10-year floods by 2100 (1.58 million), followed by New Jersey (282,354), Virginia (167,090), Louisiana (157,050) and California (143,217) if emissions continue unchecked.
 
"This research suggests that the impact of climate change on the lives and pocketbooks of homeowners is closer than you think. For homebuyers over the next few years, the impact of climate change will be felt within the span of their 30-year mortgage," said Skylar Olsen, Zillow's director of economic research and outreach. "Without intervention, hundreds of thousands of coastal homes will experience regular flooding and the damage will cost billions. Given that a home is most people's largest and longest-living asset, it takes only one major flood to wipe out a chunk of that long-growing equity. Rebuilding is expensive, so it's doubly tragic that we continue to build brand new units in areas likely to flood."
A new data study is warning that 20,000 homes built over the past decade are in coastal areas that are at risk for chronic flooding by 2050

 
Published
Jul 31, 2019
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021