With the devastating death toll from Hurricane Helen at least 215 and thousands still missing, homeowners across the country are taking a hard look at where they live and the risks they face. are.
More than 730,000 homes remain without power for more than a week after the storm, according to data published by Realtor.com, prompting many Americans to consider safer locations for their next move. .
The range of extreme weather events in 2024 is unprecedented. According to the report, natural disasters have caused more than $25 billion in damage across the United States this year alone. Climate change has led to a 20% increase in global flooding since 2000, and a 320% increase in the area burned by wildfires in the United States since 1996.
Don’t miss:
For homeowners looking to take shelter from the wrath of nature, Realtor.com has identified the top 10 states with the lowest risk of damage from extreme weather events.
Nevada accounted for 90.6% of the lowest risk homes, representing $440.4 billion in real estate value. Nebraska follows at 90.2%, but with a lower total asset value of $159 billion. Colorado ranks third at 89.5%, with over $1 trillion in low-risk real estate value. Kansas ranks fourth with 88.8% of homes in safe zones. Minnesota finished in the top five at 88.5%.
Related article: This Jeff Bezos-backed startup lets you become a landlord in just 10 minutes and all you need is $100.
The list includes Iowa, Washington, Ohio, South Dakota, and Missouri, all of which have more than 87% of their homes in low-risk areas.
“Hurricanes pose significant challenges to homeowners, including property damage, increased economic costs, community recovery issues, and psychological stress,” said Realtor.com economist Jiayi Xu. . “Selecting a property in a state with low hurricane risk may alleviate these concerns.”
Trend: Commercial real estate has historically outperformed the stock market. The platform allows individuals to invest in commercial real estate with as little as $5,000, with a target yield of 12% today and a bonus 1% return boost.
The effects of abnormal weather are not limited to direct damage. Insurance premiums have soared in high-risk areas, prompting some Florida homeowners to forgo insurance. Each region faces challenges. We are battling wildfires in the West and flooding in the Southeast. Cities like Austin, Baton Rouge and Coral Gables are grappling with extreme heat damage to buildings.
For those looking to relocate, Xu suggests using a real estate agent’s environmental risk score to evaluate potential homes. “Prospective homeowners can use these scores to identify safer locations before making a final decision,” she points out.
Trending: These 5 Entrepreneurs Are Worth $223 Billion. They all believe in one platform that offers a target yield of 7-9% and monthly dividends.
The reality remains. Florida has endured 120 hurricanes since 1851, 37 of which reached Category 3 or higher, according to data published by insurance company Universal Properties. Texas followed with 64 hurricanes, and surprisingly, North Carolina, the most hurricane-prone state outside the Gulf Coast, weathered 55 hurricanes.
As recovery efforts from Helen continue, Florida is bracing for another hurricane, Milton, that could make landfall as early as Wednesday. The broader discussion now appears to be shifting to long-term safety and resilience. For many Americans, the next move may not just be finding a home, but finding a haven.
Read next:
Market news and data powered by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.
