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A new Zillow analysis reveals that trillions of dollars in U.S. residential real estate face major climate risks, with fire, flood, and extreme wind posing significant threats to household wealth.

• $17 trillion worth of homes are at major wind risk
• $9.1 trillion in homes face major fire risk
• $7 trillion in homes are exposed to major flood risk

Certain metro areas are particularly vulnerable. Los Angeles has the highest total home value at risk from fire ($831 billion), while New York City and Miami lead in flood risk. Boston and Houston are among the cities with the most real estate value exposed to extreme wind.

Climate Risk and Household Wealth

The financial impact extends beyond property values. In Los Angeles, the total value of homes at fire risk is equivalent to 13.5 years of homeowner income, underscoring the financial strain such risks pose. For flood risk, Miami, San Jose, and New Orleans rank among the most vulnerable cities based on income burden.

Zillow’s findings highlight that climate risk is becoming an increasingly important factor in the housing market. Homes with high fire or flood risk are more likely to sell for less than their original list price or face longer selling times.

As extreme weather events become more frequent, homebuyers and investors will need to factor climate risk into their decision-making, with location-based resilience measures becoming a critical consideration in the real estate market.