Louisiana Homes At Risk Of Chronic Flooding In 30 Years

Zillow Data Used To Project Impact Of Sea Level Rise On Real Estate

The bulk of the report is drawn from the scenario with the highest rise, where Floridas sea levels rise just under 2 feet by 2045 and 6.4 feet by 2100.

NY and New Jersey combined could lose almost 400,000 homes and more than $200 billion in decreased property value.

According to this projection, buyers closing on one of those properties today would have to abandon or rebuild it before they could pay off a standard 30-year mortgage.

The report also found that around 175 different coastal communities could face chronic flooding that impacted 10 percent or more of their housing stock by 2045. The properties at risk by 2045 now house roughly 550,000 people and contribute almost $1.5 billion toward today's property tax base.

Many will risk losing their largest financial asset - their homes - and municipalities will forfeit huge amounts of revenue from property taxes. Also, the San Francisco Bay Area, coastal Louisiana, the Eastern Shore of Maryland and beach communities from Texas to MA. It works out to approximately 2.4 million homes, now worth almost $912 billion, and around 107,000 commercial properties, now assessed at $152 billion.

Under this scenario, where planet-warming emissions are barely constrained and the seas rise by about 6.5ft globally by the end of the century, 311,000 homes along the United States coastline would face flooding on average 26 times a year within the next 30 years-a typical lifespan for a new mortgage.

Besides Sheepshead Bay's 7,966 endangered homes, Canarsie has 4,458 homes that could be hit; in Flatlands, 3,238 homes could be regularly swamped.

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UCS says the potential drop in coastal property values could have reverberations throughout the economy, potentially triggering regional housing market crises.

Experts say current practices for setting insurance rates also contribute to short-term thinking by buyers.

Along sun-splashed shorelines in the U.S. state of Florida, home prices are on the rise, developers are busy building new complexes, and listings just blocks from the beach describe homes that are "not in a flood zone", meaning no flood insurance is required.

More than 300,000 USA coastal homes could be uninhabitable due to sea level rise by 2045 if no meaningful action is taken to combat climate change, a Union of Concerned Scientists (UCS) study published Monday found. There are many more homes at risk on the Islands. "Some smaller, more rural communities may see 30, 50, or even 70 percent of their property tax revenue at risk due to the number of chronically inundated homes". Third is Miami, with up to 20 percent of its base at risk by 2045 and 21 to 60 percent by 2100. According to a new report by the Union of Concerned Scientists (UCS), however, the long-term risks from climate change-related flooding stands to become much worse by the end of the century.

'The impact could well be staggering, ' said Kristina Dahl, a senior climate scientist at the Union of Concerned Scientists (UCS) told The Guardian. If that were to be the case, flooding would impact 15,000 residential properties or roughly 23,000 people.

"The longer we wait to drastically reduce emissions, the less likely it is that we will achieve this outcome".

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