Zillow combined its own home price estimates with sea level projections from the National Oceanic Atmospheric Administration. The endangered homes, Zillow says, represent just under 2% of the national housing stock, and are worth a cumulative $882 billion.
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More than half of the 2 million homes predicted to be lost nationwide would be in Florida, the analysis said. In comparison to the statistic of 1 in 8 homes being at risk in Florida, it was also found that in Hawaii nearly 1 in 10 homes are at risk. Hawaii is second at 9.1 percent and New Jersey third at 7.3 percent. In the more catastrophic 6-foot-rise scenario, New York City would lose about 32,000 homes at $27 billion in value.
According to Zillow, almost two million homes across the US could be lost. That comes out to $400 billion in value-a figure that doesn’t include losses to commercial buildings or public infrastructure or account for future appreciation in home value. By contrast, homes at risk of rising oceans are less valuable than the typical home in Hawaii, Maryland, Washington, and Oregon. On top of that, 36 coastal cities would be entirely underwater.
Nationally, rising sea levels could claim more than 1.86 million homes by the end of the 21 century, Zillow said. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Furthermore, the city of Miami Beach has more home value at risk than any other city in America. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both now and over time.
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