As climate change increases the risks of hurricanes and flooding, Florida homeowners are facing declining property values and rising insurance costs, forcing many to rethink their futures.
Michael J. Coren, Naema Ahmed and Kevin Crowe report for The Washington Post.
In short:
- Cape Coral homeowners are seeing property values drop as flood risks from climate change become more apparent.
- Rising insurance premiums and costly repairs are pushing some homeowners into debt as they attempt to make their properties resilient.
- Researchers found that housing markets in flood-prone areas are beginning to reflect climate risk, with values falling in vulnerable neighborhoods.
Key quote:
“There’s this enormous disconnect between what we think is likely to happen over the next decade or so and what’s already happened.”
— Jenny Schuetz, economist and senior fellow at Brookings Metro
Why this matters:
Climate change is reshaping the American housing market in ways that are impossible to ignore. The message is clear: where you live now could determine your financial future in the climate crisis era. Read more: Poor southerners are joining the globe’s climate migrants.
