A new First Street study forecasts that climate change will significantly impact U.S. home values, potentially erasing $1.47 trillion over the next 30 years. The report highlights that over 70,000 neighborhoods will face depressed property values due to rising insurance costs and climate-driven migration. By 2055, insurance premiums may increase by 29.4%, with an estimated 55 million Americans expected to voluntarily relocate to safer areas. Counties like Fresno and Ocean are predicted to experience the most significant population exodus as the Sun Belt's appeal diminishes due to climate-related challenges.
The climate risk assessment reveals that over 70,000 neighborhoods could see home values plummet due to climate change, with a potential $1.47 trillion loss by 2055.
Rising insurance costs are projected to soar by 29.4% in the next 30 years, compelling millions to relocate from high-risk areas to more climate-resilient locations.
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