Last month, just as record-setting heat waves scorched the U.K. and parts of Europe, some 60 million Americans experienced a string of hot and humid days that topped 100 degrees.
Prepare for more of these extremes.
New research and an accompanying planning tool show that across the U.S., on average, the local hottest 7 days are expected to become the hottest 18 days by 2053.
By that year, 1,023 U.S. counties are expected to exceed 125°F, an area that is home to 107.6 million Americans and covers a quarter of the U.S. land area, says nonprofit First Street.
First Street on Monday released the latest installment of a tool called Risk Factor that’s accessible free of charge, and increasingly incorporated into real estate listings, specifically through a partnership with Realtor.com.
The Brooklyn-based group first covered floods and wildfires, and with Monday’s peer-reviewed release now includes extreme heat risks. The researchers look at how the frequency, duration and intensity of extremely hot days will expand over the next 30 years from a changing climate.
Risk factors, which are searchable by property, or ZIP code or state, are meant to help homeowners, real estate agents and eventually, insurers, get a better handle on how climate change is impacting home values and the cost of homeownership. Buyers and sellers, and importantly, their real estate professional, must all ask themselvesIs if a home is priced to reflect immediate risk, such as from floods, but also the odds that property damage, energy costs or a limited ability to enjoy the outdoors might increase in coming years. And they must consider whether the home is properly insured, including accurately reflecting replacement value.
“ ‘It’s clear that natural disasters are intensifying. Still, people are moving into risky areas.’”
— Redfin’s Daryl Fairweather
Other data makes a similar case. A 2020 analysis from Realtor.com shows that home buyers are beginning to factor concerns about the changing climate into their decision-making. As a result, homes in areas vulnerable to fires, floods and extreme heat could see weaker price growth over the long haul, economists at the trade group say.
But yet another study concluded that climate-change deniers were propping up real-estate prices in waterfront communities, potentially magnifying the risks those property owners face.
“From devastating floods in Kentucky and Missouri to deadly fires in California and brutal heat waves across the U.S., it’s clear that natural disasters are intensifying. Still, people are moving into risky areas,” said Redfin Chief Economist Daryl Fairweather.
“When people decide where to live, they consider a whole host of things ahead of climate change, which has potential implications on their safety, home stability, and finances,” Fairweather said.
