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.
The takeaway:
“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.
