Climate change to obliterate $1.5 trillion in U.S. home values
Summary
A report finds that climate change will cause about $1.47 trillion in losses to U.S. home values over the next 30 years while some areas will see gains of $244 billion. Climate-driven natural disasters will raise homeowners' insurance costs by nearly 30% on average and force 55 million Americans to move within the country by 2055.Key Facts
- Climate change is set to reduce U.S. home values by around $1.47 trillion by 2055.
- Some properties will increase in value by about $244 billion during the same time.
- Homeowners insurance premiums are expected to go up by 29.4% on average due to climate risks.
- Around 55 million Americans will relocate within the U.S. due to climate impacts like heat, wildfires, and flooding.
- California, Florida, and Texas have paid more than 40% of the nation’s $2.8 billion in natural disaster costs since 1980.
- Cities like Miami may see insurance rates increase more than four times, with other areas also facing large hikes.
- Some counties in the Sun Belt states could lose 10% to 40% of their property value by 2055.
- Recent wildfires in Los Angeles killed dozens, displaced tens of thousands, and damaged thousands of buildings.
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