Climate change impacts threaten the stability of the US housing market. In response to growing concerns that increasing costs of flooding are not fully captured in property values, we quantify the magnitude of unpriced flood risk in the housing market by comparing the empirical and economically efficient prices for properties at risk. We find that residential properties exposed to flood risk are overvalued by US$121–US$237 billion, depending on the discount rate. In general, highly overvalued properties are concentrated in counties along the coast with no flood risk disclosure laws and where there is less concern about climate change. Low-income households are at greater risk of losing home equity from price deflation, and municipalities that are heavily reliant on property taxes for revenue are vulnerable to budgetary shortfalls. The consequences of these financial risks will depend on policy choices that influence who bears the costs of climate change.
The combined impacts of climate change and ecological degradation are expected to worsen inequality within society. These dynamics are exemplified by increases in flood risk globally. In general, low‐income and socially vulnerable populations disproportionately bear the cost of flood damages. Climate change is expected to increase the number of people exposed to fluvial flood risk and cause greater property damages. Floodplain restoration has the potential to mitigate these impacts, but the distribution of future risks among different types of property owners under these altered conditions is often unknown. Here, we develop a simple probabilistic approach for estimating flood risk to property owners under floodplain restoration and climate change scenarios for a range of flood recurrence intervals. We apply this approach in the Vermont, USA portion of the Lake Champlain Basin. Over a 100‐year time horizon, we estimate that the value of property damages caused by flood inundation is approximately $2.13 billion under the baseline scenario. Climate change is expected to increase damages to $5.29 billion, a 148% increase; however, floodplain restoration has the potential to reduce these impacts by approximately 20%. For all scenarios, a larger proportion of lower‐value properties, specifically mobile homes, face greater flood risk compared to higher‐value properties. Climate change is expected to cost higher‐value properties and commercial properties more than other types of properties, but these same groups are also expected to benefit most from floodplain restoration. In general, these results raise concern that those least able to prepare for and recover from flood damages are also the people who face the greatest threats. In response, public policy interventions must consider not only where flood risk is most severe, but also the vulnerability of people exposed to such risk.
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- NSF-PAR ID:
- 10369073
- Publisher / Repository:
- Wiley Blackwell (John Wiley & Sons)
- Date Published:
- Journal Name:
- People and Nature
- Volume:
- 4
- Issue:
- 2
- ISSN:
- 2575-8314
- Page Range / eLocation ID:
- p. 415-427
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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