Naked Science Forum
Life Sciences => The Environment => Topic started by: Williamson on 29/11/2012 22:51:42
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Hey guys,
Just saw some new research which found a correlation between climate change and home values. Every 1/4 degree increase in temperature causes a decrease of $250 to the value of homes: http://www.movoto.com/reports/climate-change.html (http://www.movoto.com/reports/climate-change.html)
An example given was the state of New York, which lost over $9 billion in home values over the past 4 years because of climate change.
What do you guys think about this new correlation: another nasty side effect of the rising temperature?
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Interesting chart.
(https://www.thenakedscientists.com/forum/proxy.php?request=http%3A%2F%2Fs3.amazonaws.com%2Fmovotoblog%2F2012%2F11%2Fclimate%2Fimages%2Fclimate-change-housing-values.png&hash=4d8feedfa4517572c8a52b22ac82e60b)
Based in projected changes in INSURANCE rates.
Of course, the West Coast is showing a moderate INCREASE in value (is that a decrease in insurance premiums?).
Oddly Louisiana that recently had one of the biggest insurance payouts is showing as neutral. Florida which periodically gets hit by hurricanes is showing the greatest increase in value. Does that also include the projected sea level rise?
Now, keeping everything in perspective. With a US Population of 300 Million. $18.7 Billion works out to about $62 per person. Is that annually, or overall?
Compare that to the US National Debt of about $16 Trillion, or about $53,000 per person, and increasing by about a Trillion Dollars a year.
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You can link just about any one thing to another if you just look hard enough.
I think you might find property prices are more likely to be affected by salary's, the cost of borrowing, the cost of living, lenders interest rates and willingness (or otherwise) to lend, job security and a few other economic factors rather than the climate.
I wonder if it was financial institutions who commissioned this report in an effort to shift the blame for the world's economic troubles to somewhere other than their wreckless activity over the past 20 or so years.