Rising Sea Levels Could Cost U.S. Homeowners Close to $1 Trillion
When talking about housing, underwater usually means you owe more on a mortgage than the home is actually worth. If climate change continues apace, that term could take on a much more literal meaning.
Rising sea levels could soak homeowners for $882 billion, according to a new report from real estate website Zillow. The research takes its initial cue from the journal Nature, which in March found sea levels could rise more than 6 feet by the end of the century. In that scenario, Florida could lose close to 1 million homes, or 13 percent of the states current stock. That comes out to $400 billion in valuea figure that doesnt include losses to commercial buildings or public infrastructure or account for future appreciation in home value.
Zillow combined its own home price estimates with sea level projections from the National Oceanic Atmospheric Administration. Theres still a lot of guesswork going on, cautions Zillow Chief Economist Svenja Gudell. Governments could build barriers to protect coastal communities or sea level rise could prove more moderate. But whatever the variables, there will be major losses as the waters move in.
Even in Zillow's less calamitous scenario of a 2-foot increase in sea level, the U.S. would still lose $74 billion in home value, with Florida leading the way at $17 billion.
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http://www.bloomberg.com/news/articles/2016-08-02/rising-sea-levels-could-cost-u-s-homeowners-close-to-1-trillion
applegrove
(118,829 posts)Last edited Tue Aug 2, 2016, 06:29 PM - Edit history (1)
along some ocean coast. But them dropping hundreds of thousands on something they would not be able to sell in the future made me cringe too much.
yeoman6987
(14,449 posts)Heck people keep buying in California even though the big one will eventually destroy California.
cstanleytech
(26,328 posts)Destroy is what the Republicans would do if they were in majority control of the state
Warpy
(111,367 posts)people are not allowed to rebuild at that site. It saves having the taxpayers and insurance companies pay to rebuild the same property over and over again as storms wash it away.
freebrew
(1,917 posts)1993 hundreds of homes along the Missouri river were washed away.
A 500 year flood, it was claimed.
So, folks can't live there anymore.
My homeowners insurance goes up every time some beachfront house washes away.
But, THEY can rebuild?
adigal
(7,581 posts)When the federal government gives people $$ to rebuild right near the ocean. It happened after Sandy, and we all pay for it.
raccoon
(31,126 posts)paying them to rebuild.
adigal
(7,581 posts)Now, I wouldn't get within a mile of the ocean or bays. I'm 54 - I guarantee that in my lifetime, more NJ shore will be wiped out.