Old Americans Are Losing Their Homes To Climate

By Douglas McIntyre  •  May 29, 2024
Steshka Willems Pexels

Millions of Americans have moved south for the weather and, in some cases, taxes. Many of them are older and retired. For decades, it has been a good decision. Climate change has altered that significantly for a portion of these people.

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Florida has the highest number of residents among all states over 65 years old, at 21%. Homes they owned, particularly near the Gulf or Atlantic Coast, seemed like good investments. Climate change has altered that math considerably. 

The prices of condos along the Florida Coast have dropped in some areas. For example, condo prices fell 8.5% in Jacksonville in January compared to the same month a year ago. 

Condo Prices Drop

The math for condos gets even worse for these residents. Many have seen their home insurance rates go up by double digits. In some cases, insurance is not available at all. Financially, many of these older residents are ruined. Their savings and equity were in their homes.

AARP recently pointed out that even modest floods can damage homes when the water rises several inches. The costs of repairs can often be in the thousands or tens of thousands of dollars. Even FEMA, the financial support of last resort, needs more money. Congress is pressuring FEMA to reverse its losses, and to do so, it has raised prices. 

The AARP makes one final, depressing point. People can live in their cars if that is the best they can do.

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