Climate Change Impacts Housing Market
Some may think that climate change only affects future generations. However, climate change is already hitting the housing market. A recent podcast by NPR discusses the notion of scientists using Zillow data to predict the current impact of rising sea levels on the real estate market. A study conducted by the Union of Concerned Scientists found that residential and commercial properties across the country valued at nearly $140 billion in total are at risk from the effects of rising sea levels. Essentially, these properties may begin experiencing regular flooding due to the effects of climate change.
Not only are homes presently affected by climate change, but homebuyers are also beginning to consider the risks of climate change in their housing search. According to Bloomberg, homebuyers are weighing the risk of flooding and other disasters against the amenity value of living near water or at the edge of the forest.
The risks associated with climate change on the housing market may also affect home prices and mortgages.
To learn about the small changes you can make on your home to reduce your carbon footprint and combat climate change, please refer to Poulos LoPiccolo’s tips: https://www.pllawfirm.com/2018/04/22/make-your-home-greener-on-earth-day-and-everyday/
For further reading, the full transcript of the interview from NPR is available at: https://www.npr.org/2018/06/18/620939197/zillow-data-used-to-project-impact-of-sea-level-rise-on-real-estate
The Bloomberg article is available at: https://www.bloomberg.com/graphics/2018-climate-change-home-sales/