More than one in four U.S. homes—$12.7 trillion in real estate—faces at least one severe or extreme climate risk such as floods, hurricanes, or wildfires. Flood exposure is especially underestimated by federal flood maps, leaving nearly 6 million homes ($3.4 trillion) facing severe flooding over the next 30 years, about 2 million more than FEMA estimates. Major metropolitan areas including Miami, New York, Tampa, Los Angeles, and Houston contain hundreds of billions in at-risk property. Broader risk assessments that included heat and air quality produced higher totals; risk-modeling methods vary, and recent high-profile events like LA wildfires erased an estimated $150 billion in property wealth.
More than one in four U.S. homes-amounting to $12.7 trillion in real estate-faces at least one type of "severe or extreme climate risk," like floods, hurricanes, and wildfires, according to a Realtor.com® Climate Risk Report. The report by economist Jiayi Xu details how these mounting climate threats are reshaping housing markets, creating major financial burdens for homeowners, and driving up the cost and complexity of insurance nationwide.
Nearly 6 million homes ($3.4 trillion in value) face severe flooding in the next 30 years, about 2 million more than FEMA estimates, due to outdated flood maps. Major metro areas like Miami, New York, Tampa, Los Angeles, and Houston collectively hold hundreds of billions of dollars in at-risk property. The number actually represents a drop from 2024's edition of the same report, which found a whopping 44% and $22 trillion worth of homes were exposed,
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