
High tide and storm-whipped seas flooded Long Wharf with water from Boston Harbor on Dec. 23, 2022. Photo by James Sanna | Banker & Tradesman Staff
It’s not just flooding you have to worry about: Huge numbers of Boston-area homes could be damaged by high winds in storms made worse by climate change.
According to an analysis of First Street data by Zillow, Boston has a total value of homes over $1 trillion that could face potential wind damage. Additionally, the Massachusetts capital has a total value of homes of $152.6 billion that faces major flood risk.
“The risk of natural disasters and rising insurance costs are profoundly reshaping the housing market. Home buyers are paying attention,” Kara Ng, a senior economist at Zillow, said in a statement. “With trillions of dollars in real estate vulnerable to these risks, informed decision-making for what is the biggest purchase of many buyers’ lives has never been more critical.”
Nationwide, the value of homes with a major risk of wind damage is over $17 trillion.
According to Zillow, buyers are taking climate risks into account when looking at a home. More than 80 percent of home shoppers consider climate risks during the homebuying process according to research by the listing portal’s economists. In the Northeast in particular, 85 percent of prospective homebuyers considered at least one climate risk when looking for a home.
“Climate risks impact where most prospective buyers shop for a home,” Zillow senior population scientist Manny Garcia said in a statement. “While all generations juggle trade-offs like budget, floor plans and commute times, younger home shoppers are more likely to face another consideration: They want to know if their home will be safe from rising waters, extreme temperatures and wildfires.”