New Data Will Show Climate Risk For Houses
Real estate research and sales company Zillow is partnering with First Street, which offers complex climate models. The new service will help people assess homes’ climate risks.
The new product will offer color-coded flood, wildfire, wind, heat, and air quality information for each home. It will also forecast future risks for each home analyzed.
Flood Risk
For anyone questioning the value of the data, the two companies report that “Across all new listings in August, 16.7% were at major risk of wildfire, while 12.8% came with a major risk of flooding.”
The announcement raises several questions. The first is whether weather data will affect home prices. It is reasonable to think people would not move into high-risk areas.
Does It Matter?
The second question is whether buyers will care. Storms have forced people to rebuild homes damaged by the climate, but people still migrate to places like Miami and Phoenix. The number of 00-degree F days in Phoenix this summer and a series of hurricanes that have hit Florida may change that. If people do leave, the term is “climate migration.”
Finally, what will the financial industry’s reaction be? Insurance companies have already announced double-digit premium increases in areas with weather damage. Some homes cannot be insured at all.
The new product could have a profound effect on the housing market.
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