Home prices in areas most impacted by climate change are actually increasing at a higher rate than the national median, according to new research released this week by Clever Real Estate. The study shows that median home sale prices have increased more than 130% in major metros within states that have had at least 50 FEMA disaster declarations since 2012—compared to the national median of 113%.
Key findings in the research:
- Disasters causing over $1 billion in damage have grown increasingly common in the last four decades, costing the U.S. over $2 trillion since 1980.
- The states that climate change has most financially impacted since 1980 are Texas, Louisiana, Florida and California.
- Out of 145 billion-dollar disasters in the U.S. since 2012, Texas has been impacted by 73 of them.
- The U.S. counties with the highest hazard risk scores are Harris County (Houston) in Texas, Miami-Dade County in Florida and Bronx County in New York.
- Since 2012, California has had 146 FEMA-declared weather and environmental disasters, the most in the U.S. and 564% more than the average state, which has had 22 (includes all disasters, not just those costing over $1 billion).
- In that span, the average coastal state has experienced 27 FEMA weather disasters, while the average non-coastal state has experienced 18.
- In 2021, federal emergency officials declared at least one non-COVID disaster in 41 U.S. states.
- States with the highest overall Expected Annual Losses (EAL) from natural hazards are California, followed by Texas, Florida and Louisiana.
- States with the lowest overall EAL scores are Rhode Island, Vermont and Delaware, among other Northeastern states.
- California is the most at risk of wildfire damage, with the highest EAL score in that disaster category.
- New Jersey is the most at risk of coastal flooding damage, with the highest EAL score in that category.
- Texas is the most at risk of hurricanes, river flooding and winter storm damage, with the highest EAL scores in those categories.
“Americans continue to live in—and move to—the areas most at risk of disasters,” the report stated. “Coastal counties, for example, make up 10% of the nation’s land, but hold 40% of the population. Our analysis shows many of the states most threatened by disasters are home to some of the most in-demand metro areas for homebuyers.”
Click here to read the full report.