Most people think about good schools, safe streets or desirable jobs when considering where to live. As climate risks inexorably rise, how well your community bounces back from a climate-related disaster — or even a bad thunderstorm — will begin to weigh more heavily on the value of your home.
Imagine a house high up on a hill. It may seem safe from flooding. But the streets around it become impassable during storms or even high tide. Getting to the grocery store is difficult. As extreme weather worsens, insurance rates rise. Some carriers stop issuing policies — or cancel them. Even if the house on higher ground is safe, property values could fall, reducing tax revenue needed to rebuild and protect the city. A downward cycle could ensue.