Buying A Home In A Time Of Climate Change

Climate Change May Already Be Hitting the Housing Market

Christopher Flavelle and Allison McCartney, June 18, 2018 (Bloomberg News)

“…Between 2007 and 2017, average home prices in areas facing the lowest risk of flooding, hurricanes and wildfires have far outpaced those with the greatest risk…[ According to numbers from Attom Data Solutions, homes in areas most exposed to floods, hurricanes, and wildfires] were worth less last year, on average, than a decade earlier…[Home prices and sales across 3,397 cities around the country showed] the threats of climate change are beginning to register…

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“…[On average, home prices across the cities analyzed] increased 7.3 percent between 2007 and 2017. That figure masks deep drops in vulnerable areas…[The relationship between climate risk and home prices isn’t always a straight line] because home buyers have to weigh the risk of disasters against the so-called amenity value of living near water or at the edge of the forest…For example, home values in Key Biscayne, Florida were 19 percent higher in 2017 than in 2007, despite the island’s flood risk. Homes in Aromas, California, which Attom Data classifies as a very high wildfire risk, increased 43 percent…Both areas offer natural beauty that buyers have apparently concluded is worth the danger…But the data suggest those areas are becoming the exception…” click here for more

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