Climate change devouring home values

 

The New York Times

This article is co-published with ProPublica,

Abrahm Lustgarten, NY Times -As the compounding impacts of climate-driven disasters take effect, we are seeing home insurance prices spike around the country, pushing up the costs of owning a home. In some cases, insurance companies are pulling out of towns altogether. And in others, people are beginning to move away.

One little-discussed result is that soaring home prices in the United States may have peaked in the places most at risk, leaving the nation on the precipice of a generational decline. That’s the finding of a new analysis by First Street, a research firm that studies climate threats to housing and provides some of the best climate adaptation data available, both freely and commercially. The analysis predicts an extraordinary reversal in housing fortunes for Americans — nearly $1.5 trillion in asset losses over the next 30 years.

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