First Street's latest report, 'Property Prices in Peril', examines the far-reaching impacts of climate change on U.S. real estate, predicting a staggering loss of $1.47 trillion in unadjusted property values over the next 30 years. The report underscores the increased awareness of climate risks, revealing a pronounced divide between high-risk and low-risk property areas. Furthermore, the rising costs of homeowners' insurance—expected to soar by nearly 30% by 2025—are anticipated to drive migration towards more affordable regions, dramatically affecting local economies and housing markets.
Climate change is reshaping real estate markets and regional economies across the U.S., predicting $1.47 trillion loss in property values over 30 years.
Homeowners insurance costs are expected to climb by 29.4% by 2025 due to climate risks, shifting migration patterns as residents seek affordability.
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