Monday 26 September 2022

Climate change could sink $108bn of US housing

Housing in the US worth $108 billion (£97.9m) could be submerged from sea level rises, if emissions aren’t curbed.

That’s according to a report by research group Climate Central, which found that in the next 30 years, four million acres of land could sink.

By 2050, an area the size of the state of New Jersey will be submerged if current emissions rates continue, the researchers claim.

They also state that the impact is being seen across the market, with insurers starting to leave coastal areas or hike premiums – and mortgage lenders being less willing to give the green light for a home on the coastline.

The areas estimated to be hit the hardest by sea levels are Louisiana, New Jersey and Texas. An astounding 75% of Terrebonne Parish, Louisiana, which currently houses more than 110,000 people is expected to be submerged by the half century.

Senior Advisor at Climate Central, Don Bain, commented: “Sea level rise is ultimately going to take land away from people. That’s something we haven’t come to grips with.

“We may not be able to change much between now and 2050 but we can make a large difference going forward. There are still choices to be made — between better outcomes and far worse outcomes.”