Hurricane Florence is aimed at $1T worth of real estate
A new Zillow study finds homes with a combined value of a trillion dollars lie in the storm's path, as it nears landfall in North Carolina
As of this writing, the Atlantic hurricane is a Category 2, heading toward southeastern North Carolina and South Carolina. There is still a chance it could impact parts of Virginia.
· Virginia: 1.8 million homes worth $658 billion
· North Carolina: 898,000 homes worth $168 billion
· South Carolina: 882,000 homes worth $205 billion
The popular vacation destination is home to thousands of rental homes, many of which rest on 200 miles of fragile, shifting sand dunes and thinly-protected islands, where ocean tides lap at deck supports and first-story stairwells. Many have been moved in recent years.
In a , Robert S. Young, director of the Program for the Study of Developed Shorelines (a joint venture between Duke University and Western Carolina University), said that Florence could be the most destructive storm to hit North Carolina’s coast since record keeping began.
Beyond real estate, damage estimates include that caused to utilities, streets, and other forms of public infrastructure.
Article image credited to Chip Somodevilla/Getty Images