Housing markets are failing to price in climate risks in their assessment of housing values, according to a recent study published by Nature.
A study recently published by the journal Nature finds that U.S. residential properties exposed to flood risk are overvalued by between $121 billion and $237 billion.
The number of homes in the United States at risk of flooding, especially as extreme weather becomes more frequent as a result of climate change, accounts for some of that risk, according to the study. “Currently, more than 14.6 million properties in the United States face at least a 1% annual probability of flooding, reads the abstract. The study assumes that climate change will increase that total by 11 percent.
The journal article, authored by Jesse D. Gourevitch, Carolyn Kousky, Yanjun (Penny) Liao, Christoph Nolte, Adam B. Pollack, Jeremy R. Porter, and Joakim A. Weill is available in full online.
FULL STORY: Unpriced climate risk and the potential consequences of overvaluation in US housing markets
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UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research