In the U.S., only the wealthy can afford to live near rising seas
CBSN
Hurricane Ida now ranks as one of the costliest ever U.S. storms, with its toll estimated at $100 billion and 82 deaths — a stark reminder of the heightened risk of flooding due to climate change. Yet coastal real estate at risk of inundation is still in high demand and selling for a premium, experts say.
A typical home in a high-risk flood area sold for $402,000 in the first three months of 2021. up 14% from the same period a year ago, according to real estate company Redfin. In 2020, prices flood zones climbed 10%. In July, the 10 most popular places to move in the U.S. were all in Florida, with Miami topping the list.
One reason that helps explain that trend: People with high incomes can afford climate mitigation measures like moving homes onto stilts, Daryl Fairweather, Redfin's chief economist, told CBS MoneyWatch.
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