A question we get from readers more and more is some version of this: How should the growing risks from climate change affect my decision to buy a house? Or, if I buy a house, where should I buy, and what should I keep in mind?
It seems especially urgent now, as insurance costs in some parts of the country have far outstripped the rate of inflation. Here’s some advice from experts.
What are the concerns?
When thinking through your home-buying decision, it’s useful to think in terms of two categories of risk, according to Jesse Keenan, a professor at Tulane University who studies the effects of climate change on real estate.
The first is what could be called climate shocks. As humans burn more fossil fuels, causing global temperatures to increase, extreme weather events like hurricanes, floods and wildfires are becoming more frequent and intense. That means the risk of your house being damaged or destroyed by a disaster is growing over time.
The second category is climate stresses, Dr. Keenan said. More frequent and severe disasters are forcing local governments to spend more on infrastructure — like sea walls, storm pumps, and hardening critical facilities — services that are funded largely through property taxes. “Taxes are only going up with climate change,” he said.