New research shows 32.5% of homes are at risk
of extreme heat, 18.1% are at risk of wind (gusts exceeding 50 mph)
and 9% are at risk of poor air quality
SANTA
CLARA, Calif., March 13,
2024 /PRNewswire/ -- In the
United States, 40.4% of homes, valued at $19.7 trillion, are at severe or extreme risk
when it comes to heat, wind and air quality. To help consumers make
more informed home buying and selling decisions,
Realtor.com® announces the launch of three new climate
risk factor scores on its website including Heat Factor™, Wind
Factor™, and Air Factor™, with data from First Street, a leading
climate technology company with expertise in climate change and the
connection of climate risk to financial risk.
"Realtor.com® currently offers users an in-depth look
at fire and flood risks. When you consider the percentage of
American homes, and the value at risk, against factors like extreme
heat, air quality and wind, it was imperative for us to deliver
more robust and comprehensive climate risk information to our
users," said Mausam Bhatt, Chief
Product and Technology Officer, Realtor.com®. "It's
important for people to fully understand the climate risks that a
home faces not only in the present, but in the future, so they can
make the most informed decision for one of the biggest purchases
and investments they will make in their life."
Climate
Risk
|
Value at
Risk
|
Share of Homes
Affected
|
Extreme Heat
|
$13.6
trillion
|
32.5 %
|
Extreme Wind
|
$7.7
trillion
|
18.1 %
|
Air Quality
|
$6.6
trillion
|
9.0 %
|
2024 Realtor.com Climate Risk Report
Realtor.com® uses First Street's models that
calculate property-level climate risk to present digestible, easy
to understand information for its users. Home buyers and sellers
can now more fully understand the climate risk associated with a
property through maps illustrating exposure to risk factors. They
can toggle between factors to see how a particular risk may affect
the home's area in the present and over time, showing current
exposure to risks and the expected change for each risk in 15
years, and in 30 years, the length of a typical
mortgage.
Across the U.S., certain areas have more value at risk relative
to specific climate factors. For example, Miami holds the highest total value of homes
at risk for severe or extreme heat (valued at $1,258 billion) and wind (valued at $1,276 billion), while San Francisco has the highest total value at
risk of homes at severe or extreme air quality (valued at
$1,455 billion). See more market
level details here.
More Ways to Evaluate How Climate Risks May Affect
Homes
- Through Heat Factor™, users can access property-level
information that displays a heat risk score between 1-10 (minimal
to extreme). They can see how many days the property area
experiences a heat index (measured as temperature and humidity) at
or above the local definition of a "hot day" and they can see the
average high "feels like" temperature in the typical hottest month,
today and 30 years into the future. In 2024, approximately 32.5% of
homes in the U.S., valued at nearly $13.6
trillion, will face severe or extreme risk of heat
exposure.
- Wind Factor™ assesses property-level risk measured as the
chance a property will be exposed to wind gusts exceeding 50 mph at
least once, and scores it from 1-10 (minimal to extreme), today and
30 years into the future. This year, approximately 18.1% of homes
in the U.S., valued at nearly $7.7
trillion, will face severe or extreme risk of hurricane wind
damage.
- Air Factor™ assigns a property-level air risk score from 1-10
(minimal to extreme) and shows consumers the expected change in
poor air quality days (Air Quality Index over 100), today and 30
years into the future. Approximately 9.0% of homes in the
U.S., valued at nearly $6.6 trillion,
will face severe or extreme air quality risk in 2024.
Access to climate risk information including extreme heat, wind,
and air quality are now available on for-sale homes listed on
Realtor.com® and will be coming soon to rental
properties. For more information, visit
realtor.com/environmental-risk.
Metros With the Most Share of Home Values at Severe or
Extreme Heat Risk*
Metro
|
Share of Value at
Risk
|
Total Value of Homes
at Risk
|
Austin-Round
Rock-Georgetown, TX
|
100.0 %
|
$372.7B
|
Baton Rouge,
LA
|
100.0 %
|
$67.4B
|
Cape Coral-Fort Myers,
FL
|
100.0 %
|
$180.0B
|
Charleston-NorthCharleston, SC
|
100.0 %
|
$155.2B
|
Deltona-Daytona
Beach-Ormond Beach, FL
|
100.0 %
|
$101.3B
|
Houston-The
Woodlands-Sugar Land, TX
|
100.0 %
|
$732.6B
|
Jacksonville,
FL
|
100.0 %
|
$233.7B
|
Lakeland-Winter Haven,
FL
|
100.0 %
|
$72.4B
|
McAllen-Edinburg-Mission, TX
|
100.0 %
|
$38.0B
|
Miami-Fort
Lauderdale-Pompano Beach, FL
|
100.0 %
|
$1,258.0B
|
Myrtle
Beach-Conway-North Myrtle Beach, SC-NC
|
100.0 %
|
$91.6B
|
New Orleans-Metairie,
LA
|
100.0 %
|
$106.8B
|
North
Port-Sarasota-Bradenton, FL
|
100.0 %
|
$213.7B
|
Orlando-Kissimmee-Sanford, FL
|
100.0 %
|
$356.7B
|
Palm
Bay-Melbourne-Titusville, FL
|
100.0 %
|
$97.5B
|
Tampa-St.
Petersburg-Clearwater, FL
|
100.0 %
|
$463.6B
|
Virginia
Beach-Norfolk-Newport News, VA-NC
|
100.0 %
|
$47.8B
|
Phoenix-Mesa-Chandler,
AZ
|
99.6 %
|
$821.3B
|
Tucson, AZ
|
99.4 %
|
$123.9B
|
San Antonio-New
Braunfels, TX
|
99.2 %
|
$246.5B
|
Fresno, CA
|
99.0 %
|
$96.1B
|
Dallas-Fort
Worth-Arlington, TX
|
98.9 %
|
$939.1B
|
Las
Vegas-Henderson-Paradise, NV
|
97.3 %
|
$326.3B
|
Bakersfield,
CA
|
92.1 %
|
$70.6B
|
Richmond, VA
|
86.8 %
|
$124.4B
|
Sacramento-Roseville-Folsom, CA
|
82.6 %
|
$339.3B
|
Augusta-Richmond
County, GA-SC
|
79.7 %
|
$42.0B
|
Riverside-San
Bernardino-Ontario, CA
|
77.9 %
|
$552.1B
|
Stockton, CA
|
72.3 %
|
$72.7B
|
Baltimore-Columbia-Towson, MD
|
59.9 %
|
$195.2B
|
Washington-Arlington-Alexandria,
DC-VA-MD-WV
|
54.5 %
|
$525.5B
|
*For metros having 50%+ of total home values at risk
Metros With the Most Share of Home Values at Severe or
Extreme Wind Risk**
Metro
|
Share of Value at
Risk
|
Total Value of Homes
at Risk
|
Baton Rouge,
LA
|
100.0 %
|
$67.4B
|
Cape Coral-Fort Myers,
FL
|
100.0 %
|
$180.3B
|
Charleston-North
Charleston, SC
|
100.0 %
|
$155.7B
|
Deltona-Daytona
Beach-Ormond Beach, FL
|
100.0 %
|
$101.6B
|
Houston-The
Woodlands-Sugar Land, TX
|
100.0 %
|
$732.6B
|
Jacksonville,
FL
|
100.0 %
|
$233.7B
|
Lakeland-Winter Haven,
FL
|
100.0 %
|
$72.5B
|
McAllen-Edinburg-Mission, TX
|
100.0 %
|
$38.0B
|
Miami-Fort
Lauderdale-Pompano Beach, FL
|
100.0 %
|
$1,276.3B
|
Myrtle
Beach-Conway-North Myrtle Beach, SC-NC
|
100.0 %
|
$91.7B
|
New Orleans-Metairie,
LA
|
100.0 %
|
$106.8B
|
North
Port-Sarasota-Bradenton, FL
|
100.0 %
|
$213.7B
|
Orlando-Kissimmee-Sanford, FL
|
100.0 %
|
$356.8B
|
Palm
Bay-Melbourne-Titusville, FL
|
100.0 %
|
$97.5B
|
Tampa-St.Petersburg-Clearwater, FL
|
100.0 %
|
$463.7B
|
Virginia
Beach-Norfolk-Newport News, VA-NC
|
71.0 %
|
$33.9B
|
Austin-Round
Rock-Georgetown, TX
|
51.3 %
|
$191.2B
|
Providence-Warwick,
RI-MA
|
51.0 %
|
$112.3B
|
**For metros having 50%+ of total home values at risk
Metros With the Most Share of Home Values at Severe or
Extreme Air Quality Risk***
Metro
|
Share of Value at
Risk
|
Total Value of Homes
at Risk
|
Fresno, CA
|
100.0 %
|
$97.2B
|
Sacramento-Roseville-Folsom, CA
|
100.0 %
|
$410.6B
|
Spokane-Spokane Valley,
WA
|
100.0 %
|
$72.1B
|
Stockton, CA
|
100.0 %
|
$100.6B
|
Portland-Vancouver-Hillsboro, OR-WA
|
99.9 %
|
$400.5B
|
San
Jose-Sunnyvale-Santa Clara, CA
|
99.9 %
|
$793.5B
|
Boise City,
ID
|
99.7 %
|
$132.4B
|
Bakersfield,
CA
|
99.4 %
|
$77.0B
|
San
Francisco-Oakland-Berkeley, CA
|
98.2 %
|
$1,455.2B
|
Seattle-Tacoma-Bellevue, WA
|
76.8 %
|
$700.6B
|
Riverside-San
Bernardino-Ontario, CA
|
61.4 %
|
$441.2B
|
***For metros having 50%+ of total home values at risk
About Realtor.com®
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is an open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real estate
more than 25 years ago. Today, through its website and mobile apps,
Realtor.com® is a trusted guide for consumers,
empowering more people to find their way home by breaking down
barriers, helping them make the right connections, and creating
confidence through expert insights and guidance. For professionals,
Realtor.com® is a trusted partner for business growth,
offering consumer connections and branding solutions that help them
succeed in today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. For more information, visit
Realtor.com®.
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