National values in real estate can fall more than a trillion of dollars in the next 30 years than a trillion of dollars, because climate change is transforming the housing market, which means that more Americans go from areas that are susceptible to weather disasters, is a new analysis.
Researchers from Climate Analytics Firm First Street attributed the report prices of the report and categorized neighborhoods in the US based on vulnerability for climate change. First Street thinks that the value of real estate will fall by more than $ 1 trillion by 2055, because many people will leave large parts of the country that now experience growth, and partly because immovable values have to be adjusted down to compensate for higher insurance costs.
However, Wisconsin is stated to remain one of the least vulnerable states in the nation against climate risks. As a result, Madison could be one of the best housing markets in the US in the coming three decades, according to the report.
Regions with the highest rates of falling real estate value include those where climate risks and insurance premiums have been raised, which leads to the decrease in the population, according to the report.
Some areas will fall in real estate values in real estate values in the coming 30 years. The most affected areas, such as Tampa, Florida, could see no less than a decrease in house prices by 25%.
Here is a breakdown of the report, plus where the Wisconsin home market lands compared to other states.
Which markets will be influenced by climate change?
According to the report, the map below ranks on the house markets in the US based on the following categories:
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“Climate Leaving”: Areas where climate risks and insurance premiums are high, leading to a shrinking population
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“Risky growth”: areas where climate risks are high and premiums rise, but other social and economic forces are abandoning people to the region
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“Climate spring”: areas where people are moving because the risks and costs remain enclosed
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“Tilting points”: areas that are risky and can lose the population.
This map shows all censuses within the US categorized in one of the five classifications regarding the climate risk.
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Most resilient real estate markets for climate change:
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Denver County, Colorado (144.1% estimated population growth)
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Arapahoe County, Colorado (101.7% estimated population growth)
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Dane County, Wisconsin (81.6% estimated population growth)
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Douglas County, Nebraska (74.6% estimated population growth)
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Johnson County, Kansas (59% estimated population growth)
What are the causes of climate change?
Scientists agree that the largest contribution to climate change is the burning of fossil fuels such as gas, oil and coal.
The climate changes when the earth warms up. According to the National Oceanic and Atmospheric Administration, the average annual global temperatures have risen since the 1960s.
Wisconsin has become 2 degrees Fahrenheit Warmer and 4.5 inch wetter since the 1950s. The biggest warming is happening during the winter and the largest precipitation increase in the summer.
Increasing carbon dioxide emissions is due to human activity. Scientists have found the source of carbon dioxide in the atmosphere through measurements of Antarctic ice cream cores that reduce 800,000 years, according to the Wisconsin Department of Natural Resources.
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USA Today has contributed to this report.
This article originally appeared on Milwaukee Journal Sentinel: how will climate change real estate in Wisconsin influence?
