Climate change to obliterate $1.5 trillion in U.S. home values

Climate change will wipe out about $1.47 trillion in U.S. home values over the next three decades and hasten economic gaps in U.S. communities, a report released on Monday finds.

Already high insurance rates are escalating, rendering large portions of the nation's largest cities unaffordable, according to a study by First Street Foundation which analyzes the effects of climate change on real estate. As property values across the country decline by almost $1.5 trillion in total, other properties will increase in value to the tune of $244 billion.

By 2055, climate-driven weather is expected to hike homeowners' insurance premiums nationwide by an average of 29.4%, the organization found. At the same time, climate-related migration from extreme heat, wildfires and flooding will have 55 million Americans relocating within the U.S. over that 30-year period, beginning with more than 5 million this year.

Source: Yahoo News →