Why Climate Change Will Leave Many People Economically Stranded in Homes on Dangerous Territory
“Why will climate change leave many people economically stranded in homes that may no longer be safe?”
Climate is one of the principal determining factors for housing prices and insurance rates. Proximity to sea-level rise, wildfires, and local atmospheric conditions influence desirability and therefore cost. With the advent of climate change, more and more areas that were once safe and clean will no longer be. This means that the housing value is going to plummet and the insurance rates will skyrocket, making it difficult to put on the market. People who put their life savings into these places will no longer be able to get out and will be tethered to it. This is Why Climate Change Will Leave Many People Economically Stranded in Homes on Dangerous Territory, and can already be seen in newly-wildfire prone parts of Northern California.