{"id":3755,"date":"2025-02-03T22:11:51","date_gmt":"2025-02-03T22:11:51","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/climate-change-to-obliterate-1-5-trillion-in-u-s-home-values-study-finds\/"},"modified":"2025-02-03T22:11:51","modified_gmt":"2025-02-03T22:11:51","slug":"climate-change-to-obliterate-1-5-trillion-in-u-s-home-values-study-finds","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/climate-change-to-obliterate-1-5-trillion-in-u-s-home-values-study-finds\/","title":{"rendered":"Climate change to obliterate $1.5 trillion in U.S. home values, study finds"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>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.<\/p>\n<p>Already high insurance rates are escalating, rendering large portions of the nation&#8217;s largest cities unaffordable, according to a <a href=\"https:\/\/firststreet.org\/research-library\/property-prices-in-peril\" target=\"_blank\" rel=\"nofollow noopener\">study<\/a> 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.<\/p>\n<p>By 2055, climate-driven weather is expected to hike homeowners&#8217; 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.\u00a0<\/p>\n<figure class=\"embed embed--type-video embed--type-content_video is-video embed--float-none embed--size-medium \"><figcaption class=\"embed__caption-container\"><a href=\"https:\/\/www.cbsnews.com\/video\/california-weather-may-bring-mudslides-flooding-to-areas-where-fires-roared\/\" class=\"embed__headline-link\" data-invalid-url-rewritten-http=\"\"><\/p>\n<p>          <span class=\"embed__icon\"><br \/>\n            <svg viewbox=\"0 0 32 32\" aria-hidden=\"true\"><use xlink:href=\"#icon-video\"\/><\/svg><\/span><\/p>\n<p>          <span class=\"embed__headline\">California weather may bring mudslides, flooding to areas where fires roared<\/span><\/p>\n<p>          <span class=\"embed__video-duration\">04:38<\/span><\/p>\n<p>                      <\/a><\/p>\n<\/figcaption><\/figure>\n<p>&#8220;Climate change is no longer a theoretical concern; it is a measurable force reshaping real estate markets and regional economies across the United States,&#8221; according <a href=\"https:\/\/firststreet.org\/press\/climate-driven-population-shifts-and-insurance-increases-are-set-to-erase-14-trillion-in-american-real-estate-value\" target=\"_blank\" rel=\"nofollow noopener\">to<\/a> Jeremy Porter, First Street&#8217;s head of climate implications research. &#8220;Our findings highlight the urgent need to understand how rising insurance costs and population movements are transforming the economic geography of the nation.&#8221; \u00a0<\/p>\n<p>The three biggest Sun Belt states \u2014 California, Florida and Texas \u2014 have taken on more than 40% of the country&#8217;s $2.8 billion in natural disaster costs since 1980. And in another 30 years, the First Street data estimates a more than fourfold increase in premiums in Miami, a tripling in Florida&#8217;s Jacksonville and Tampa, and in New Orleans, and a doubling in Sacramento, California.\u00a0<\/p>\n<p>The data projects that some counties in California, Florida and Texas will experience net declines of 10% to 40% in their property values by 2055.\u00a0<\/p>\n<p>The last month saw dozens of people killed, tens of thousands evacuated and thousands of structures <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/la-fires-southern-california-high-winds-wildfire-risk\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">damaged or destroyed<\/a><\/span> in the Los Angeles area due to wildfires.\u00a0<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<\/aside>\n<p><!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/kate-gibson\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Kate Gibson<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Kate Gibson is a reporter for CBS MoneyWatch in New York, where she covers business and consumer finance.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/climate-change-to-obliterate-1-5-trillion-in-us-home-values-study-finds\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Climate change will wipe out about $1.47 trillion in U.S. home values over the next three decades and hasten economic<\/p>\n","protected":false},"author":1,"featured_media":3756,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-3755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Climate change to obliterate $1.5 trillion in U.S. home values, study finds - World News<\/title>\n<meta name=\"description\" content=\"More than 5 million Americans will leave areas 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