The impact of human-driven climate change on the economy is undeniable, with a report predicting a colossal $1.47 trillion in net property value losses. This shocking figure is primarily due to insurance cost increases and changing consumer demand triggered by the threat of climate change.

Major cities like Miami, Jacksonville, Tampa, New Orleans, and Sacramento are forecasted to bear the brunt of this economic blow. They are on track to witness the largest surges in insurance premiums. Across the U.S., the report anticipates that average insurance premiums will rise by 29.4% by 2055. This includes an 18.4% correction for current underpricing and an additional 11% increase directly linked to climate risk.

The impending crisis is forcing American citizens to reconsider their living choices, with over 55 million expected to move to less climate-vulnerable areas by 2055. This demographic shift will begin sooner than later, with approximately 5.2 million internal climate migrants anticipated by 2025. These numbers underscore the scale of the crisis and the urgency of the response needed.

The report further identifies that fast-growing cities in the South, Southeast, and West are at a higher risk. Here, home values are rising more slowly due to the looming threat of climate change. The impact of climate-related events such as extreme heat, wildfires, and flooding is projected to cause significant relocations within the U.S. over the next few decades.

The Sun Belt states, including California, Florida, and Texas, have already witnessed more than their fair share of climate change consequences. These states have borne over 40% of the U.S.’s $2.8 billion in natural disaster costs since 1980. The future seems equally bleak, with insurance premium increases projected over the next 30 years.

The report paints a grim picture of the future for some counties in California, Florida, and Texas. It projects net declines in property values ranging from 10% to 40% by 2055 due to the impacts of climate change.

The evidence is clear – climate change is not just an environmental issue; it’s a significant economic threat. As the world grapples with this reality, it’s crucial to implement proactive measures to mitigate these impacts and safeguard our future.

Science4Data is committed to cut through greenwashing and measure real impact. Join the journey to a sustainable future. Your actions matter.