A study by First Street reveals that the US is likely to see a substantial drop in property values, estimated at $1.47 trillion by 2055 due to the climate crisis. Impacts are not uniform, with certain areas like California and New Jersey facing the most significant losses. Approximately 40% of these losses are expected to occur in 'climate abandonment' communities, where factors such as population declines and increasing insurance premiums contribute to the fall in home values.
First Street estimated that 40% of property-value losses will be concentrated in 'climate abandonment' communities, where population decline and rising insurance costs will drive down prices.
Recent extreme weather events highlight the staggering cost of natural disasters fueled by climate change, with hurricanes and wildfires causing massive insured losses.
Collection
[
|
...
]