A First Street report projects that by 2055, nearly $1.47 trillion in net property value could be lost due to climate-related weather impacts in the United States.
First Street’s head of climate implications research, Jeremy Porter, emphasizes that the study goes beyond direct damage, detailing the indirect consequences affecting communities, populations, insurance, and migration patterns. Porter highlights that impacts on property value are comparable to the direct damage costs of extreme weather.
Focusing on high-risk regions like Florida, Louisiana, and California, Porter notes that climate challenges are already significantly disrupting real estate markets by driving substantial changes in insurance costs and coverage.
"It’s not a big deal for people that have a lot of equity built up or have a mortgage they’ve taken out a few decades ago," Porter tells Yahoo Finance, warning that the impact is more severe for homeowners who have taken mortgages in the past five to seven years.
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