Superstorm Sandy, caused $70 billion in damage. It also killed 286 people in 2012. Much of that damage was caused when the storm hit the highly populated areas of New York and New Jersey. The storm surge that hit New York City flooded streets, subways, tunnels, and damaged utility services. Damage was also caused in the United States. As well as Bermuda, and the Caribbean islands.
However and according to Zillow.com., one-third (32 percent) of underwater homes would be valued in the bottom third nationally.
So that’s meaning $123 billion in losses.
- Two in five (39 percent) underwater homes would be valued in the top third nationally. That’s translating to $597 billion in lost high-end real estate.
- In rural and suburban areas, homes in the top value tier may face particular risk. All the while in urban areas. I mean homes in the bottom value tier are more likely to be affected.
While the damage caused by recent hurricanes is a devastating reminder. I mean especially of how quickly the weather can undo people’s lives. Furthermore, hurricanes destroy homes putting homes underwater. Because the potential for damage from a slower-moving phenomenon. It is even more destructive. That’s why it’s called Rising sea levels!!
So building on the 2016 analysis of the impact a rising tide could have on U.S. homes. Then they looked again at how many homes might be underwater by the end of the century. Also whether those homes are in the top, middle or bottom tier in their areas. Then Zillow also calculated the share in urban, suburban and rural areas.
2100 We need to Prepare
In conclusion and nationally, 1.9 million homes are projected to be literally underwater by the year 2100. That’s especially if the oceans rise six feet. That’s roughly midway between the high end of what the government (considered a conservative source) says is “very likely” (4.3 feet). As well as the possibility of an 8-foot or greater rise than “cannot be excluded.”
Finally, that accounts for 1.8 percent of the country’s total housing stock with a value of $916 billion. Which is up from $882 billion in 2016. (To be clear, sea levels are not expected to rise uniformly. in conclusion, Zillow chose a midpoint. They did this rather than differentiating sea level predictions for different coastal areas.