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.
Main Idea: A new study says climate change could sharply cut U.S. home values, raise insurance costs, and push millions of Americans to move.
Key Points:
US households could face higher home prices, higher insurance bills, and falling property values as climate risks grow.
Some homes in safer areas may gain value as people move away from flood, fire, and heat zones.
Rate how each entity in this article affected the American people.
The national scope of the projected home-value losses, insurance changes, and migration is central to the story.
Named First Street research leader quoted explaining the study’s findings.
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