Home Prices In Natural Disaster-Susceptible Areas Are Climbing
With families losing so much in the destruction of recent natural disasters such as Hurricane Irma, Hurricane Harvey and the many others that have rocked the United States and the Caribbean, it is hard to believe that home prices in these areas are still on the rise.
"Amid the terrifying recent events is a worrisome finding from a new report: The parts of the U.S. most at risk of natural disasters are also the places where property values are highest and increasing most quickly," according to National Mortgage News.
"The riskiest 20% of U.S. counties have the most homes, the highest average home values, and the greatest price appreciation in recent years."
Logically speaking it shouldn't surprise us one bit. Despite living in areas that are susceptible to natural disasters, buyers seem to take pride in being surrounded by beautiful sceneries and picturesque views. For this, they are willing to spend the extra money.
While the report does claim that some buyers appear to be looking more closely at how these natural disasters can impact them, it also points out that areas like California that are prone to earthquakes, wildfires and other natural disasters, happen to have a flourishing housing market.
Much of it is attributed to the strong economic growth and the growth in the job sector that are both helping home prices appreciate at a speedy rate. For more on the current climate of house prices in disaster-prone areas, click on the image above.