Zillow: 1.9 Million Homes Underwater by Year 2100By Liz Dominguez
Climate change will bring powerful storms in the coming years, and, with them, flooding due to rising sea levels. According to a recent report by Zillow, less affluent homeowners stand to lose significantly more if their homes are damaged from flooding when compared to their wealthier neighbors. Zillow predicts that 1.9 million homes will be underwater by 2100 if the oceans rise six feet, and more than a quarter of these homes are in Miami.
While those with more valuable homes will lose out in dollar amount, a third of the homes in the bottom tier of their metros (32 percent) can potentially suffer a $123 billion loss. This could be life altering for the low-income population whose funds mostly go towards mortgage payments and other bills, making preventative measures against flooding an unaffordable expense. In the next 100 years, we can expect rising sea levels to impact $916 billion worth of homes, most of which are low- to medium-value properties. Top-value homes are at risk in rural and suburban areas, while bottom-value homes are more likely to be impacted in urban areas. Here are the 10 metros that will be hit the hardest:
View more from the report. For more information, please visit www.zillow.com. Liz Dominguez is RISMedia's associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. |
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