Climate change erodes American Dream of homeownership — SkimNews
Get the Energy newsletter
Daily energy & climate — solar, EVs, oil, the policy fights and tech bets shaping the transition. Free.
- Sierra Isley and her partner backed out of buying a home in Asheville, North Carolina, days before Hurricane Helene devastated the area, highlighting how climate risks are disrupting personal plans for homeownership.
- First Street projected in its report 'Property Prices in Peril' that climate risks could erase nearly $1.5 trillion from U.S. home values by 2055, signaling long-term financial instability in real estate markets.
- Data for Progress polling for Grist found 58% of likely U.S. voters believe climate change will hinder their ability to achieve the American Dream over the next 20 years, including 42% of Republicans.
- The French Broad River overflowed during Hurricane Helene in September 2024, flooding homes and destroying parts of Asheville’s River Arts District after nearly 14 inches of rain fell in three days.
- Homes in FEMA’s high-risk flood zones sell for 2.8% less on average than comparable properties, according to a 2023 Nature Climate Change study, though researchers estimate they remain overvalued by $121B–$237B.
- Property insurance costs have risen nearly 80% since 2020, with average monthly payments now at $209, contributing to a housing affordability crisis exacerbated by climate-linked disasters.
- Rebecca Elliott, a sociology professor at the London School of Economics, argues that for many, the American dream of homeownership may become a 'nightmare' due to climate-driven devaluation and entrapment in uninsurable or unsellable homes.
Why it matters: Homeownership is no longer a reliable wealth-building tool for millions as climate risks erode property values and insurance markets falter. With 74,000 homes damaged in western North Carolina and only 4% covered by flood insurance, families face massive uninsured losses while housing markets struggle to adjust—putting the core promise of generational security at risk.
Ask SkimNews
