What happens to home prices if flood maps start measuring climate change? Million of Americans are about to find out

Millions of Americans just woke up in a flood zone that had never before been listed on U.S. government maps.

The first-ever public evaluation of flood risk for every property in the 48 contiguous states has found that federal maps underestimate the number of homes and businesses in significant danger by 67%. The new flood-risk data, released Monday by the research and technology nonprofit First Street Foundation, is a virtually unprecedented disclosure of how much damage climate change can be expected to inflict at the level of individual homes.

Under the new model, an additional 6 million properties are in jeopardy of flooding compared to government estimates, bringing the total to at least 14.6 million.

The vast majority of counties saw an increase on a percentage-point basis. One in 10 American properties are at significant risk of flooding right now.

There are 142 million properties in First Street’s public database, and each one is scored on a 10-point scale based on the likelihood of flooding over a typical 30-year mortgage. The score, called Flood Factor, rates the likelihood of flooding in simple terms. (A Realtor.com spokeswoman said the new flood-risk scores, which had been slated to be introduced on the website Monday, would be added to listings after a technical issue is resolved.)

read more at:  https://www.bloomberg.com/graphics/2020-flood-risk-zone-us-map/

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