Wednesday, August 03, 2016

Roughly 2 Percent of U.S. Homes at Risk from Sea Level Rise, Report Finds

Underwater Homes in Boston (Credit: Zillow) Click to Enlarge.
Almost 1.9 million homes in the U.S. — roughly 2 percent of the nation’s housing stock, worth $882 billion — could be underwater by 2100 with six feet of sea level rise, according to a new report by Zillow, an online real estate database.  One in eight Florida homes, representing $413 billion in property value, could flood by the end of the century.  In Hawaii, one in 10 homes are at risk and in New Jersey, one in 13.  The new analysis is based on climate projections and mapping from the National Oceanic and Atmospheric Administration, as well as Zillow’s database of 100 million U.S. properties.  It found coastal cities, such as Miami and Honolulu, are particularly vulnerable to sea level rise.  More than 1 in 6 Boston homes could be underwater by 2100.  These estimates don’t include commercial buildings or government properties. 

“It’s important to note that 2100 is a long way off, and it’s certainly possible that communities take steps to mitigate these risks,” wrote the author of the analysis, Krishna Rao, director of economic product and research at Zillow.  “Then again, given the enduring popularity of living near the sea despite its many dangers and drawbacks, it may be that even more homes will be located closer to the water in a century’s time, and these estimates could turn out to be very conservative.  Either way, left unchecked, it is clear the threats posed by climate change and rising sea levels have the potential to destroy housing values on an enormous scale.”

Read more at Roughly 2 Percent of U.S. Homes at Risk from Sea Level Rise, Report Finds

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