Homewrecker

The house always wins. It’s an adage in gambling. But it’s also been a core part of the American economy. “Homeownership is the bedrock of America’s economy. Residential real estate in the United States is worth nearly $50 trillion — nearly double the size of the entire gross domestic product. Almost two-thirds of American adults are homeowners, and the median house here has appreciated more than 58 percent over the past two decades, even after accounting for inflation.” But while the value of our homes increased unhindered, so did climate change. And with that increased risk (and the costlier and costlier disasters from hurricanes to fires) comes increased insurance costs—where insurance companies will still write policies. And those increasing insurance costs could lead drive home prices down over time. “Many Americans could face a paradigm shift in the way they save and how they define their economic security. Climate change is upending the basic assumption that Americans can continue to build wealth and financial security by owning their own home. In a sense, it is upending the American dream.” From NYT and ProPublica (Gift Article): That Giant Sucking Sound? It’s Climate Change Devouring Your Home’s Value.