NEARLY 40M HOMES AT HIGH RISK OF NATURAL DISASTER

NEARLY 40M HOMES AT HIGH RISK OF NATURAL DISASTER
Source: HousingWire

With frequent wildfires and a lingering drought, Californians are all too familiar with the impact of natural disasters, particularly when it comes to the safety of their homes. RealtyTrac has released the 2015 U.S. Natural Disaster Housing Risk Report, which reveals the extent to which American homes are at risk based on location, as well as the need for preparation. 

Making sense of the story

• The report found that 35.8 million U.S. single family homes and condos with a combined estimated market value of $6.6 trillion are in counties with high or very high natural hazard risk.

• Those 35.8 million homes represent 43 percent of the 83.4 million single family homes and condos in all counties analyzed for the report.

• Daren Blomquist, vice president at RealtyTrac, commented, “Learning about natural disaster risk will not stop a home sale, but it will help buyers make a better-informed decision about where to buy and also be prepared in terms of appropriate insurance coverage and family contingency plans depending on the type of natural disaster risks most affecting the home they end up purchasing.”

• States with the most homes in High risk or Very High risk counties for overall natural disaster risk are California (8.4 million), Florida (6.7 million), New York (2.4 million), New Jersey (2.3 million) and North Carolina (2.3 million). 

• Metro areas with the most homes in High risk or Very High risk counties for overall natural disaster risk are New York (3.5 million), Los Angeles (2.5 million), Miami (1.9 million), Houston (1.2 million), and Riverside-San Bernardino in Southern California (1.1 million).

• The report found that 10.6 million single family homes and condos (13 percent of the 83.4 million total) with a combined estimated market value of $1.8 trillion are in counties with a High Risk or Very High risk for wildfires.

• States with the most homes in High risk or Very High risk counties for wildfires are California (1.9 million), New York (1.6 million), and Florida (1.6 million).