According to a report published by the real estate website Zillow, sea level rise caused by climate change could result in an $882 billion loss to American homeowners by the end of the century. Almost 300 U.S. cities would lose at least half their homes, and 36 U.S. cities would be completely lost, the study predicted.
If sea level rises six feet by the year 2100, the state of Florida could lose close to one million homes, or 13 percent of the state’s current stock, the report said. That represents $400 billion in value, not including losses to commercial buildings or public infrastructure or accounting for future appreciation in home values.
The report combined its own real estate pricing estimates with predicted sea levels from the National Oceanic and Atmospheric Administration to arrive at its findings. The total value of the losses was determined by the number of homes at risk of flooding and the value of those homes. According to Zillow, the states projected to lose the most value in residential real estate if sea levels rise by six feet are (in descending order): Florida, New Jersey, New York, Massachusetts, California, South Carolina, Hawaii, North Carolina, Maryland and Virginia.
Zillow noted, however, that its estimates might be mitigated by other circumstances, such as protecting coastal communities with man-made barriers or a more moderate sea level rise. Even in a less devastating scenario of a two-foot increase in sea level, however, the U.S. would still lose $74 billion in home value, with Florida leading the way at $17 billion.