Many Philadelphia metro home listings have a wind risk problem
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Illustration: Annelise Capossela/Axios
A staggering $781 billion worth of Philadelphia metro homes are at major risk of wind disasters, per a new Zillow analysis.
Why it matters: 95% of the Philly metro's home listings in August 2024 were considered at risk of extreme wind — the fourth highest among all metros, per Zillow.
- That's not all. Another $100 billion worth of homes in the region are at major risk of fire and flooding, per Zillow.
The big picture: About 80% of homebuyers across the country are considering climate risk when purchasing new homes, especially younger people on fixed incomes, Zillow senior economist Orphe Divounguy tells Axios.
- More people are moving away from riskier parts of the country, in part due to rising insurance premiums, per the climate risk firm First Street.
- Insurers are changing how they factor climate and extreme weather risks into the premiums they charge for coverage, while some are suspending coverage.
Between the lines: Homes in higher-risk areas take longer to sell and fetch lower prices, Divounguy tells Axios.
- Nationally, flood-prone homes took a median 31 days to sell last year compared with 19 days for homes without that risk, Divounguy says.
- Fire-prone homes were 9% less likely to sell last year, Divounguy says.
How it works: Zillow-listed homes were ranked for risk, ranging from minimal to extreme, using First Street's data. Properties scoring between 5-6 were classified as major disaster risks.
- Zillow says the total value of at-risk homes is likely higher because not all appeared in First Street's data.
Zoom in: People living in lower-income neighborhoods across Pennsylvania, New Jersey and Delaware face higher flood risks over 30 years than those living in middle- and upper-class areas.
- Manayunk, Eastwick and East Falls are some of Philly's most flood-prone neighborhoods.