Flooding is the most common and most costly natural disaster in the U.S., says FEMA. The real estate market is starting to include the risk in home prices.
The rain fell steadily at Curt Dyer's Miami Beach, Florida, home on a mid-July day this summer. He opened the door to the garage and pointed to the flood already collecting in his driveway. He said it wouldn't be long until the whole garage flooded.Even though he faces daily nuisance flooding, the 30-year Miami Beach resident said he is not considering moving. "It's paradise living here.
Jesse Keenan, associate professor of real estate at Tulane University, says these types of resiliency fixes, which are primarily available to the wealthy, create a game of musical chairs with home equity. "We anticipate a rapid decline in valuation," Keenan told CNBC. "Only the wealthy can afford to live, for instance, in high-risk coastal areas, because everybody else can't insure it and won't be able to get a mortgage."In fact, homes exposed to sea level rise sell for about 7% less than their unexposed counterparts, according to aThat discount jumps to 10% when the owner of the property is not living there.
A 2018 Insurance Information Institute survey found that only 15% of American homeowners have flood insurance. Keenen fears all this combined will lead to a situation where only the wealthy will be able to protect themselves from climate danger.
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