Lower-income homeowners are less likely to be able to afford preventative measures to protect their homes
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Homes with a total value of $916 billion, most of which are low-end or median-value homes, are expected to be affected by rising sea levels in the next 100 years, according to a Zillow analysis.
The analysis used recent estimates of sea levels in 2100 due to climate change and looks at the types of homes that could end up underwater – literally – without preventative measures.
Zillow found that 65.4% of all homes at risk of flooding related to rising sea levels are located in suburban areas. This compares to 22.6% in urban locations and 12% in rural areas.
While 39% of at-risk homes are the most valuable, the rest are near the median value or below, with one-fourth among the least valuable homes. Zillow said this is significant because households in less wealthy communities are less likely than other households to be able to afford preventative measures.
Meanwhile, households in the high end are more likely to have the resources to protect their homes through sea walls or structural changes. These options may be unavailable to owners of the least valuable homes.
"We've seen the enormous impact flooding can have on a city and its residents," said Zillow Chief Economist Svenja Gudell. "It's harder for us to think about it on a long-term timeline, but the real risks that come with rising sea levels should not be ignored until it's too late to address them. With organized and committed planning, cities can help protect both current and future residents."
According to Zillow, the majority of homes in Honolulu are unlikely to be able to afford investments to protect their properties because less than 20% of the city’s at-risk homes are high-end homes. Zillow said that lower-income homeowners who continue to make mortgage payments are especially unlikely to afford preventative measures.
