CLIMATE CONTEXT

A recent Home Street report finds climate change will reduce US home values by $1.47 trillion by 2055. Some perspective please: while $1.47 trillion sounds enormous, the current value of US residential property is $52 trillion. If home values rise by 3.75%/year, which is low, that would make the residential stock worth $156 trillion in 2055, and $1.47 trillion is less than 1% of that.