SEATTLE, Aug. 2, 2016 /PRNewswire/ -- Nearly 2 million
U.S. homes would be lost if the oceans rise by six feet as
scientists expect by the year 2100, according to a new Zillow®
analysis. The endangered homes represent just under two percent of
the national housing stock, and are worth a cumulative $882 billion.
New research published in the scientific journal Nature
found that sea levels could rise six feet by the year 2100, mostly
due to melting Antarctic ice sheets. This new estimate nearly
doubles previous expectations for rising oceans.
Using data from the National Oceanic and Atmospheric
Administration, Zillow identified which homes would be affected by
the predicted six-foot rise in ocean levelsi.
More than half of all homes that would be lost are in
Florida, and they account for
nearly half of the lost housing value as well. In all, one in eight
Florida homes would be lost. More
than 9 percent of homes in Hawaii
would be underwater; 81 percent of those are in the capital city of
Honolulu. Thirty-six coastal
cities would be entirely underwater, and nearly 300 cities would
lose at least half their homes.
The at-risk homes along the waterfront are 58 percent more
valuable than the average U.S. home. The biggest difference in home
values is in Maine, where homes at
the water's edge are worth $436,798,
more than three times the statewide median home value of
$138,900. By contrast, homes at risk
of rising oceans are less valuable than the typical home in
Hawaii, Maryland, Washington, and Oregon.
"As we move through this century, homeowners will have to
consider another factor when it comes to their homes – whether
rising sea levels have any impact on them," said Zillow Chief
Economist Dr. Svenja Gudell. "It's
easy to think about how the ocean levels can affect the coasts in
an abstract sense, but this analysis shows the real impact it will
have on nearly two million homeowners - and most likely more by the
time we reach 2100 - who could lose their homes."
Among coastal states, Pennsylvania, Oregon and California have the lowest share of homes at
risk of being underwaterii. Just 0.1 percent of homes in
Pennsylvania would be lost if the
ocean level rises six feet.
State
|
Number of
Homes at Risk of Being Underwater
|
Percent of Homes
at Risk of Being Underwater
|
Total Value
of Homes at Risk of Being Underwater
|
Median Value
of Home at Risk of Being Underwater
|
United
States
|
1,867,801
|
1.9%
|
$882
billion
|
$296,296
|
California
|
42,353
|
0.4%
|
$49.2
billion
|
$891,269
|
Texas
|
46,804
|
0.6%
|
$12
billion
|
$195,029
|
New York
|
96,708
|
2.1%
|
$71
billion
|
$495,712
|
Florida
|
934,411
|
12.6%
|
$412.6
billion
|
$262,626
|
Pennsylvania
|
2,661
|
0.1%
|
$730
million
|
$188,505
|
Georgia
|
24,379
|
0.7%
|
$10.2
billion
|
$291,409
|
North
Carolina
|
57,259
|
1.6%
|
$20.6
billion
|
$266,693
|
New Jersey
|
190,429
|
7.3%
|
$93.1
billion
|
$365,233
|
Virginia
|
46,287
|
1.8%
|
$14.4
billion
|
$252,985
|
Washington
|
31,235
|
1.3%
|
$13.8
billion
|
$291,965
|
Massachusetts
|
62,069
|
3.1%
|
$51.2
billion
|
$551,866
|
Maryland
|
64,299
|
3.1%
|
$19.6
billion
|
$233,937
|
Alabama
|
12,735
|
0.8%
|
$3.8
billion
|
$234,987
|
South
Carolina
|
83,833
|
4.4%
|
$45
billion
|
$369,047
|
Louisiana
|
80,080
|
5.9%
|
$13.2
billion
|
$139,042
|
Oregon
|
4,959
|
0.4%
|
$1
billion
|
$179,424
|
Connecticut
|
18,173
|
1.6%
|
$13.2
billion
|
$414,616
|
Mississippi
|
5,572
|
0.7%
|
$1
billion
|
$148,161
|
Hawaii
|
37,556
|
9.1%
|
$25.3
billion
|
$475,345
|
Maine
|
5,412
|
1.0%
|
$3.1
billion
|
$436,798
|
New
Hampshire
|
4,064
|
0.7%
|
$1.7
billion
|
$337,320
|
Rhode
Island
|
4,853
|
1.5%
|
$2.9
billion
|
$454,559
|
Delaware
|
11,670
|
3.1%
|
$3.6
billion
|
$261,802
|
Zillow
Zillow® is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
the best local professionals who can help. In addition, Zillow
operates an industry-leading economics and analytics bureau led by
Zillow's Chief Economist Dr. Svenja
Gudell. Dr. Gudell and her team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Zillow also sponsors the
bi-annual Zillow Housing Confidence Index (ZHCI) which measures
consumer confidence in local housing markets, both currently and
over time. Launched in 2006, Zillow is owned and operated by Zillow
Group (NASDAQ:Z and ZG), and headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
|
|
|
i The
National Oceanic and Atmospheric Administration (NOAA) provides
data on which parts of coastal states will be flooded for various
levels for the sea to rise (https://coast.noaa.gov/slrdata/). We
combined this data with the location and value of homes in each
state and city to determine the value of housing at risk if sea
levels rise to six feet.
|
ii Of
states with homes that would be underwater if sea levels rise six
feet. Alaska was not included in the NOAA data.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rising-sea-levels-threaten-to-put-nearly-2-million-us-homes-underwater-300307765.html
SOURCE Zillow