How Climate Change is Disrupting the Future of Real Estate

As the forces of climate change continue to rapidly change fragile areas of land across the world, the landscape of real estate is being affected in many ways. Through the initial effects of climate change, our global sea level continues to rise. The global sea level is currently rising at about an eighth of an inch every year. This rate could become exponentially larger if our corporations and consumers alike continue to pollute our slowly decaying Earth. What does this mean for real estate in areas along our world’s oceans? For example, we can look at one of the most visited cities in Florida, Miami Beach. Analysts predict that $15-23 Billion worth of property may be underwater as soon as 2050, and between $53-208 Billion worth of property underwater by the end of the century, depending on how we continue to treat our planet (Risky Business, 2014). This means that people who began their 30-year mortgage plan within the past two years could be subject to significant damages before their houses are even paid off. These facts could be detrimental to the real estate market, especially in coastal areas. Yet, although these coastal areas are the greatest subject to climate change, they are far from the only areas affected. As higher temperatures increase the rate of extreme weather events and natural disasters, real estate will continue to be damaged or destroyed at an increasing rate. It is argued that it is too late to reverse climate change. Regardless of if this statement has any legitimacy, we must be environmentally proactive for the sake of our real estate, our jobs, our economy, and our overall quality of life worldwide.