Sep 09

43% of Homes at High Natural Disaster Risk

43% of Homes at High Natural Disaster Risk

43% of Homes at High Natural Disaster Risk. Image courtesy of basketman / FreeDigitalPhotos.net

43% of Homes at High Natural Disaster Risk. Image courtesy of basketman / FreeDigitalPhotos.net

 

About 35.8 million U.S. single-family homes and condos are located in counties with “high” or “very high” risk of a natural hazard, such as from hurricanes, wildfires, tornados, earthquakes, or floods, according to RealtyTrac’s 2015 U.S. Natural Disaster Housing Risk Report. That equates to an estimated market value of $6.6 trillion of the housing stock at risk, according to the analysis, which measured the risk level of 83.4 million single-family homes and condos nationwide.

“In the interest of personal safety and protecting the value of what is likely their biggest financial asset, prospective buyers and investors should be aware of any natural disaster risk impacting a potential home purchase,” says Daren Blomquist, vice president at RealtyTrac. “There is no reason home buyers need to be surprised with natural disaster risk information when wading through a stack of disclosures at the closing table given the widespread availability of this data online and even through mobile apps. In most cases 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.”

The states with the most homes in the “high risk” or “very high risk” category for natural disasters were in California (8.4 million), Florida (6.7 million), New York (2.4 million), New Jersey (2.3 million) and North Carolina (2.3 million), according to the report.

On a metro level, the cities with the most properties at risk were 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 home values tended to be highest in the areas that had the highest risk for natural hazards. For example, homes located in “high risk” counties for natural disasters had an estimated market value of $191,244 compared to the average home value in “low risk” counties that is $151,793, according to the report.

Source: RealtyTrac

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