Miami And Phoenix Face Extreme Heat Risk
The “2024 Realtor.com Housing and Climate Risk Report.” was released today. It is an extensive examination of the national real estate market when measured against flood, heat, air quality, wind, and wildfire risks. The study is based on Realtor.com’s single-family, condo, townhome, rowhome, and co-op property data, which assigns a score to each home matched to the most recent Automated Valuation Model (AVM) estimates.
Flood Damage –Miami And New Orleans
Wildfire Damage –Colorado And Los Angeles
Exposure to severe or extreme heat can affect home maintenance expenses on roofs, patios, and retaining walls. In 2024, approximately 32.5% of homes in the United States, valued at nearly $13.6 trillion, will face severe or extreme heat exposure. According to the study’s authors, “In addition to big metros in FL and TX, all properties in 17 metros from Florida, Texas, South Carolina, Louisiana, and Virginia are at severe or extreme heat risk.”
Miami’s Risk
The total value of residential real estate in Miami is $1.26 trillion. This is in addition to the risks of high winds and storm floods. In Phoenix, the heat risk to resident real estate totals $821 billion, 99.6% of all residential properties.
The other cities with a high percentage of residential properties at risk for severe or severe heat are New York at 32%, which represents $823 billion, and Houston at 100%, which is $732 billion.
