From WIRED · Kate Yoder · · 2m
American Dream Under Climate Threat
Climate risks threaten the American Dream as homes face flood and fire dangers.
In brief
Climate risks threaten the American Dream as homes face flood and fire dangers. Climate change risks could erase $1.5 trillion in home values by 2055, forcing a redefinition of the American Dream. Originally reported by WIRED.
Sierra Isley's Dream Home
Sierra Isley, 26, wanted a suburban home with a white picket fence but found a flood risk in Asheville, North Carolina.
“The house in the suburbs is just what you’re taught growing up”
Hurricane Helene Impact
Hurricane Helene flooded Asheville, destroying 74,000 homes and leaving 4 percent with flood insurance.
“Almost 14 inches of rain fell on Asheville over three days in September 2024”
Climate Risk Report
First Street's report projects climate risks could knock $1.5 trillion off American home values by 2055.
“Property Prices in Peril”
American Dream Under Threat
58 percent of likely U.S. voters believe climate change will hinder their American Dream over the next 20 years.
“58 percent of likely U.S. voters believe that climate change will hinder their ability to achieve the American Dream”
Fossil Fuel Promises
Oil and gas companies promoted fossil fuels as necessary for the American 'way of life' for a century.
“Starting a century ago, oil and gas companies led extensive campaigns to tie their products to comfort and prosperity”
Trump Administration Claim
Trump administration called scrapping Biden-era climate rules 'restoring the American Dream'.
“restoring the American Dream”
Climate Risk on Home Values
Homes in high-risk flood zones sell for 2.8 percent less than homes outside those zones.
“Homes within FEMA’s high-risk flood zones sell for 2.8 percent less”
Insurance Costs Rising
Property insurance costs have ballooned 80 percent since 2020, with average homeowners paying $209 monthly.
“Since 2020, property insurance costs have ballooned almost 80 percent”
Sandy Hook Aftermath
After Superstorm Sandy, many homeowners couldn't sell homes for enough to buy new places.
“After Superstorm Sandy devastated New York City and the New Jersey coast in 2012, many homeowners couldn’t sell their houses for enough money to buy a new place”
Asheville's Climate Shift
Asheville, once a 'climate haven', saw 74,000 homes damaged by Hurricane Helene in September 2024.
“Asheville was supposed to be a 'climate haven', somewhere that would fare better than the rest of the country”
Home Value Decline
Asheville's average home price dropped 5 percent over the past year while national prices rose 1.2 percent.
“Asheville’s average home price shrunk 5 percent over the past year, while the national average increased 1.2 percent”
Insurance Market Strain
Homeowners in riskiest areas face higher insurance costs, with some California homeowners dropped by insurers.
“Homeowners in the riskiest areas are paying substantially more”
Community Resilience
Sierra and Jamie walked neighborhoods after Hurricane Helene to help neighbors and build community.
“It’s hard to put into words what that experience was like, but I’ve never felt more of a community”
Redefining Success
Only 13 percent of Gen Zers associate homeownership with the American Dream versus 46 percent of baby boomers.
“46 percent of baby boomers associate homeownership with the American Dream but only 13 percent of Gen Zers do”
Sierra's New Path
Sierra Isley is pursuing a master’s in public health to combat climate change and natural disasters.
“I think I owe it to people like me, people in other rural communities who are going to face the same kind of climate change emergencies”
The bottom line
Climate change risks could erase $1.5 trillion in home values by 2055, forcing a redefinition of the American Dream.
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