Nearly 25 Percent of Miami Homes Could Be Affected by Sea Level Rise
A new analysis showed that nationwide, $916 billion worth of homes could be underwater in the next 100 years due to climate change and sea level rise — including 24.2 percent of all homes in the Miami metropolitan area, according to Builder Online.
With nearly a quarter of homes in the Miami metro area in danger, Fort Lauderdale, Miami Beach, and Miami are all slated to lose more than 30,000 homes according to the report. Economically speaking, the Miami metro area is at the greatest risk nationwide. In total, these homes are worth $217.3 billion; the New York metro follows with $123.2 billion worth of homes at risk.
Nationwide, the vast majority of the report’s at-risk homes — 65.4 percent — are in suburban areas, followed by 22.6 percent in urban areas and 12 percent in rural areas. Most of the at-risk homes in the Zillow report are below or near median United States home price value, although 39 percent are considered high-end properties well above the median price.
Per Builder Online, homeowners in pricier properties tend to have the resources not only to invest in preventative measures to lessen the impact of sea rise and storms but also to pay for costly repairs following a storm. The rest of homeowners are at a higher risk: the report pointed to Honolulu as a prime example, where 80 percent of potentially affected homes are below the median home price.
The initial analysis was performed by Zillow, whose chief economist, Svenja Gudell, concluded that proximity to water “is incredibly appealing for people around the country, but it also comes with additional considerations for buyers and homeowners.”
Although the study focused on sea rise impacts 100 years from now, negative effects for homes in low-lying areas like Miami “could be realized on a much shorter timeline,” said Gudell.
Still, in Miami, residents recognize storms as a way of life, doing little to deter them (and real estate markets) as seen most recently following Hurricane Irma.
Several at-risk metropolitan areas were also located in Florida, including Tampa, Fort Myers, Bradenton, Naples, Jacksonville, Palm Coast, and Key West, the latter of which has 82.9 percent of its homes at risk. Cost-wise, Tampa, Fort Myers, and Boston followed Miami and New York to round out the top five.