SEATTLE, Oct. 18, 2017 /PRNewswire/ -- Rising sea
levels are expected to impact $916
billion worth of homes in the next 100 years, most of which
are low-end or median-value homes.
Zillow® analyzed the types of homes that could be
underwater, absent preventative measures, based on recent estimates
of how high sea levels could rise by 2100i due to
climate change.
The majority of all homes at risk of flooding due to rising sea
levels are in suburban areas – 65.4 percent of homes are in
suburban areas, compared to 22.6 percent in urban locations and 12
percent in rural areasii.
Overall, 39 percent of the homes expected to be underwater in
2100 are among the nation's most valuable. The rest are near the
median value or below – and a quarter are among the least valuable
homes. This is significant because less wealthy communities and
households are less likely to be able to afford preventative
measures to ward off rising seas. For most homeowners, a home is
their biggest single investment, and its value is a major share of
their overall wealth. Any significant damage to a home is harder to
recover from when most of an owner's wealth is tied up in that same
home.
Owners of high-end homes are more likely to live in communities
with the resources and connections needed to protect their homes,
such as building sea walls or making structural changes that help
homes withstand floodwaters. But in markets where the majority of
homes at risk of rising water are among the least valuable in the
area, these options might be out of reach.
Less than 20 percent of homes in Honolulu that are at risk of flooding due to
rising sea levels are high-end homes. That means the majority of
homeowners who could lose their homes may be less able to make
investments to protect their properties, especially lower income
homeowners who have to spend a larger share of their income on
mortgage paymentsiii.
"We've seen the enormous impact flooding can have on a city and
its residents," said Zillow Chief Economist Dr. Svenja Gudell. "It's harder for us to think
about it on a long-term timeline, but the real risks that come with
rising sea levels should not be ignored until it's too late to
address them. With organized and committed planning, cities can
help protect both current and future residents. Living near the
water is incredibly appealing for people around the country, but it
also comes with additional considerations for buyers and
homeowners. Homes in low-lying areas are also more susceptible to
storm flooding and these risks could be realized on a much shorter
timeline as we have seen time and time
again."
Miami holds 25.8 percent of all
U.S. homes at risk of rising sea levels, which are cumulatively
worth $217.3 billion. The three
cities with the greatest number of homes threatened by higher sea
levels are in the Miami
metropolitan area. Fort
Lauderdale, Miami Beach and
Miami could all lose more than
30,000 homes to sea level increases.
20 Metropolitan
Areas with the Most Homes Threatened By Sea Level
Increases
|
|
|
|
Value of
Underwater Homes
|
Share of
Homes
|
Metropolitan
Area
|
# Under-
water
Homes
|
%
Under-
water
Homes
|
All
Homes
|
Bottom
Tier
|
Middle
Tier
|
Top
Tier
|
Bottom
Tier
|
Middle
Tier
|
Top
Tier
|
United
States
|
1,863,308
|
1.8%
|
$916
billion
|
$123
billion
|
$195.5
billion
|
$597.4
billion
|
31.9%
|
29.1%
|
39.0%
|
Miami, FL
|
481,447
|
24.2%
|
$217.3
billion
|
$30.4
billion
|
$46.4
billion
|
$140.4
billion
|
37.6%
|
30.9%
|
31.5%
|
New York,
NY
|
180,267
|
4.6%
|
$123.2
billion
|
$21.3
billion
|
$28.7
billion
|
$73.3
billion
|
30.5%
|
27.9%
|
41.6%
|
Tampa, FL
|
104,809
|
9.9%
|
$40.6
billion
|
$4.4
billion
|
$7.1
billion
|
$29.1
billion
|
29.6%
|
26.1%
|
44.3%
|
Fort Myers,
FL
|
53,325
|
16.7%
|
$25.4
billion
|
$3.5
billion
|
$5.5
billion
|
$16.3
billion
|
32.5%
|
27.7%
|
39.8%
|
Boston, MA
|
52,694
|
4.3%
|
$42.7
billion
|
$5.6
billion
|
$8.6
billion
|
$28.5
billion
|
30.3%
|
28.9%
|
40.9%
|
Upper Township,
NJ
|
45,757
|
56.6%
|
$29.3
billion
|
$5.2
billion
|
$9 billion
|
$15.1
billion
|
33.7%
|
34.0%
|
32.3%
|
Salisbury,
MD
|
44,712
|
21.1%
|
$11.7
billion
|
$2.1
billion
|
$2.9
billion
|
$6.6
billion
|
34.5%
|
30.4%
|
35.1%
|
Virginia Beach,
VA
|
42,743
|
8.3%
|
$13.5
billion
|
$1.8
billion
|
$2.8
billion
|
$8.9
billion
|
25.6%
|
27.7%
|
46.7%
|
Bradenton,
FL
|
39,744
|
11.6%
|
$25.4
billion
|
$3 billion
|
$4.7
billion
|
$17.4
billion
|
30.7%
|
26.4%
|
42.8%
|
Naples, FL
|
38,106
|
20.9%
|
$28.1
billion
|
$2.8
billion
|
$3.8
billion
|
$21.5
billion
|
40.7%
|
23.5%
|
35.8%
|
Jacksonville,
FL
|
37,462
|
7.7%
|
$15.1
billion
|
$1.5
billion
|
$3.2
billion
|
$10.4
billion
|
25.9%
|
27.6%
|
46.4%
|
Charleston,
SC
|
36,800
|
15.5%
|
$26.6
billion
|
$2.7
billion
|
$5.4
billion
|
$18.5
billion
|
23.8%
|
28.0%
|
48.2%
|
Los Angeles,
CA
|
34,309
|
1.3%
|
$37.5
billion
|
$4.2
billion
|
$12.3
billion
|
$21.1
billion
|
20.2%
|
38.8%
|
41.0%
|
Honolulu,
HI
|
33,857
|
12.9%
|
$23.3
billion
|
$5.5
billion
|
$7.5
billion
|
$10.2
billion
|
46.5%
|
34.8%
|
18.6%
|
Houma, LA
|
33,394
|
53.4%
|
$5.5
billion
|
$1.1
billion
|
$1.5
billion
|
$2.9
billion
|
34.2%
|
31.4%
|
34.4%
|
Key West,
FL
|
32,630
|
82.9%
|
$23.8
billion
|
$3.5
billion
|
$6.1
billion
|
$14.3
billion
|
32.4%
|
33.2%
|
34.4%
|
Egg Harbor Township,
NJ
|
27,288
|
26.7%
|
$10.3
billion
|
$1.8
billion
|
$2.9
billion
|
$5.6
billion
|
33.4%
|
35.1%
|
31.5%
|
Palm Coast,
FL
|
25,049
|
10.3%
|
$6.6
billion
|
$1.1
billion
|
$1.3
billion
|
$4.2
billion
|
37.1%
|
26.2%
|
36.8%
|
Houston,
TX
|
23,682
|
1.3%
|
$6.6
billion
|
$974.5
million
|
$1.5
billion
|
$4.1
billion
|
30.5%
|
30.5%
|
39.0%
|
New Orleans,
LA
|
23,587
|
6.6%
|
$4.9
billion
|
$1 billion
|
$1.3
billion
|
$2.6
billion
|
35.5%
|
28.9%
|
35.6%
|
Bluffton,
SC
|
21,637
|
25.3%
|
$11.7
billion
|
$1.3
billion
|
$2.1
billion
|
$8.4
billion
|
30.8%
|
26.2%
|
43.0%
|
Zillow
Zillow is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
the best local professionals who can help. In addition, Zillow
operates an industry-leading economics and analytics bureau led by
Zillow's Chief Economist Dr. Svenja
Gudell. Dr. Gudell and her team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Launched in 2006, Zillow
is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
i
https://www.zillow.com/research/climate-change-underwater-homes-12890/
ii Among homes for which Zillow has an
urban/suburban/rural designation. About 10 percent of homes are not
classified.
iii
https://www.zillow.com/research/low-income-mortgages-unaffordable-16490/
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SOURCE Zillow