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Current flood risk mapping, relying on historical observations, fails to account for increasing threat under climate change. Incorporating recent developments in inundation modelling, here we show a 26.4% (24.1–29.1%) increase in US flood risk by 2050 due to climate change alone under RCP4.5. Our national depiction of comprehensive and high-resolution flood risk estimates in the United States indicates current average annual losses of US $32.1 billion (US$ 30.5–33.8 billion) in 2020’s climate, which are borne disproportionately by poorer communities with a proportionally larger White population. The future increase in risk will disproportionately impact Black communities, while remaining concentrated on the Atlantic and Gulf coasts. Furthermore, projected population change (SSP2) could cause flood risk increases that outweigh the impact of climate change fourfold. These results make clear the need for adaptation to flood and emergent climate risks in the United States, with mitigation required to prevent the acceleration of these risks.Climate change is increasing flood risk, yet models based on historical data alone cannot capture the impact. Granular mapping of national flood risk shows that losses caused by flooding in the United States will increase substantially by 2050 and disproportionately burden less advantaged communities.

Climate change impacts threaten the stability of the US housing market. In response to growing concerns that increasing costs of flooding are not fully captured in property values, we quantify the magnitude of unpriced flood risk in the housing market by comparing the empirical and economically efficient prices for properties at risk. We find that residential properties exposed to flood risk are overvalued by US $121–US$ 237 billion, depending on the discount rate. In general, highly overvalued properties are concentrated in counties along the coast with no flood risk disclosure laws and where there is less concern about climate change. Low-income households are at greater risk of losing home equity from price deflation, and municipalities that are heavily reliant on property taxes for revenue are vulnerable to budgetary shortfalls. The consequences of these financial risks will depend on policy choices that influence who bears the costs of climate change.Natural hazards exacerbated by climate change pose serious risks to property markets in the United States. Ignoring these risks could create instability in housing values. This research shows the magnitude of unpriced flood risk and who stands to lose from housing prices that reflect climate risks.

Flood exposure has been linked to shifts in population sizes and composition. Traditionally, these changes have been observed at a local level providing insight to local dynamics but not general trends, or at a coarse resolution that does not capture localized shifts. Using historic flood data between 2000-2023 across the Contiguous United States (CONUS), we identify the relationships between flood exposure and population change. We demonstrate that observed declines in population are statistically associated with higher levels of historic flood exposure, which may be subsequently coupled with future population projections. Several locations have already begun to see population responses to observed flood exposure and are forecasted to have decreased future growth rates as a result. Finally, we find that exposure to high frequency flooding (5 and 20-year return periods) results in 2-7% lower growth rates than baseline projections. This is exacerbated in areas with relatively high exposure to frequent flooding where growth is expected to decline over the next 30 years. Using historical data across the U.S., the authors find that population declines are associated with flood exposure. Projecting this relationship to 2053, the authors find that flood risk may result in 7% lower growth than otherwise expected.

Quantifying the potential exposure of property to damages associated with storm surges, extreme weather and hurricanes is fundamental to developing frameworks that can be used to conceive and implement mitigation plans as well as support urban development that accounts for such events. In this study, we aim at quantifying the total value and area of properties exposed to the flooding associated with Hurricane Florence that occurred in September 2018. To this aim, we implement an approach for the identification of affected areas by generating a map of the maximum flood extent obtained from a combination of the flood extent produced by the Federal Emergency Management Agency's (FEMA's) water marks with those obtained from spaceborne radar remote-sensing data. The use of radar in the creation of the flood extent allows for those properties commonly missed by FEMA's interpolation methods, especially from pluvial or non-fluvial sources, and can be used in more accurately estimating the exposure and market value of properties to event-specific flooding. Lastly, we study and quantify how the urban development over the past decades in the regions flooded by Hurricane Florence might have impacted the exposure of properties to present-day storms and floods. This approach is conceptually similar to what experts are addressing as the “expanding bull's eye effect”, in which “targets” of geophysical hazards, such as people and their built environments, enlarge as populations grow and spread. Our results indicate that the total value of property exposed to flooding during Hurricane Florence was USD 52 billion (in 2018 USD), with this value increasing from USD ∼10 billion at the beginning of the past century to the final amount based on the expansion of the number of properties exposed. We also found that, despite the decrease in the number of properties built during the decade before Florence, much of the new construction was in proximity to permanent water bodies, hence increasing exposure to flooding. Ultimately, the results of this paper provide a new tool for shedding light on the relationships between urban development in coastal areas and the flooding of those areas, which is estimated to increase in view of projected increasing sea level rise, storm surges and the strength of storms.

Continental–global-scale flood hazard models simulate design floods, i.e. theoretical flood events of a given probability. Since they output phenomena unobservable in reality, large-scale models are typically compared to more localised engineering models to evidence their accuracy. However, both types of model may share the same biases and so not validly illustrate their predictive skill. Here, we adapt an existing continental-scale design flood framework of the contiguous US to simulate historical flood events. A total of 35 discrete events are modelled and compared to observations of flood extent, water level, and inundated buildings. Model performance was highly variable, depending on the flood event chosen and validation data used. While all events were accurately replicated in terms of flood extent, some modelled water levels deviated substantially from those measured in the field. Despite this, the model generally replicated the observed flood events in the context of terrain data vertical accuracy, extreme discharge measurement uncertainties, and observational field data errors. This analysis highlights the continually improving fidelity of large-scale flood hazard models, yet also evidences the need for considerable advances in the accuracy of routinely collected field and high-river flow data in order to interrogate flood inundation models more comprehensively.

As climate disasters intensify, their financial shockwaves increasingly threaten residential stability and the resilience of the U.S. mortgage market. While prior research links natural disasters to payment delinquency, far less is known about foreclosure—the terminal outcome of housing distress. We construct a novel property-level panel covering 55 flood, wildfire, and hurricane events, integrating transactional, mortgage, and insurance data. A difference-in-differences framework compares foreclosure rates for damaged parcels with nearby undamaged controls within narrowly defined hazard perimeters. Results show that flooding substantially increases foreclosure risk: inundated properties experience a 0.29-percentage-point rise in foreclosure likelihood within three years, with effects concentrated outside federally mandated flood-insurance zones. In contrast, wildfire and hurricane wind damage are associated with lower foreclosure incidence, likely reflecting standard insurance coverage and rapid post-event price recovery. These findings suggest that physical destruction alone does not drive credit distress; rather, insurance liquidity and post-disaster equity dynamics mediate outcomes. Policy interventions that expand flood insurance coverage, stabilize insurance markets, and embed climate metrics in mortgage underwriting could reduce systemic exposure. Absent such measures, climate-driven foreclosures could account for nearly 30% of lender losses by 2035, posing growing risks to both household wealth and financial stability.

Changing environmental conditions are driving worsening flood events, with consequences for counties, cities, towns, and local communities. To understand individual flood risk within this changing climate, local community resiliency and infrastructure impacts must also be considered. Past research has attempted to capture this but has faced several limitations. This study provides a nation-wide model of community flooding impacts within the United States currently and in 30 years through the use of high-resolution input data (parcel-level), multi-source flood hazard information (four major flood types), multi-return period hazard information (six return periods), operational threshold integration, and future-facing projections. Impacts are quantified here as the level of flooding relative to operational thresholds. This study finds that over the next 30 years, millions of additional properties will be impacted, as aspects of risk are expected to increase for residential properties by 10%, roads by 3%, commercial properties by 7%, critical infrastructure facilities by 6%, and social infrastructure facilities by 9%. Additionally, certain counties and cities persistently display impact patterns. A high-resolution model capturing aspects of flood risk as related to community infrastructure is important for an understanding of overall community risk.

Accurate representation of fire emissions and smoke transport is crucial for current and future wildfire-smoke projections. We present a flexible modeling framework for emissions sourced from the First Street Foundation Wildfire Model (FSF-WFM) to provide a national map for near-surface smoke conditions exceeding the threshold for unhealthy concentrations of particulate matter at or less than 2.5 µm, or PM2.5. Smoke yield from simulated fires is converted to emissions transported by the National Oceanic and Atmospheric Administration’s HYSPLIT model. We present a strategy for sampling from a simulation of ~65 million individual fires, to depict the occurrence of “unhealthy smoke days” defined as 24-h average PM2.5 concentration greater than 35.4 µg/m3 from HYSPLIT. The comparison with historical smoke simulations finds reasonable agreement using only a small subset of simulated fires. The total amount of PM2.5 mass-released threshold of 1015 µg was found to be effective for simulating the occurrence of unhealthy days without significant computational burden.

The methodology used by the First Street Foundation Wildfire Model (FSF-WFM) to compute estimates of the 30-year, climate-adjusted aggregate wildfire hazard for the contiguous United States at 30 m horizontal resolution is presented. The FSF-WFM integrates several existing methods from the wildfire science community and implements computationally efficient and scalable modeling techniques to allow for new high-resolution, CONUS-wide hazard generation. Burn probability, flame length, and ember spread for the years 2022 and 2052 are computed from two ten-year representative Monte Carlo simulations of wildfire behavior, utilizing augmented LANDFIRE fuel estimates updated with all the available disturbance information. FSF-WFM utilizes ELMFIRE, an open-source, Rothermel-based wildfire behavior model, and multiple US Federal Government open data sources to drive the simulations. LANDFIRE non-burnable fuel classes within the wildland–urban interface (WUI) are replaced with fuel estimates from machine-learning models, trained on data from historical fires, to allow the propagation of wildfire through the WUI in the model. Historical wildfire ignition locations and NOAA’s hourly time series of surface weather at 2.5 km resolution are used to drive ELMFIRE to produce wildfire hazards representative of the 2022 and 2052 conditions at 30 m resolution, with the future weather conditions scaled to the IPCC CMIP5 RCP4.5 model ensemble predictions. Winds and vegetation were held constant between the 2022 and 2052 simulations, and climate change’s impacts on the future fuel conditions are the main contributors to the changes observed in the 2052 results. Non-zero wildfire exposure is estimated for 71.8 million out of 140 million properties across CONUS. Climate change impacts add another 11% properties to this non-zero exposure class over the next 30 years, with much of this change observed in the forested areas east of the Mississippi River. “Major” aggregate wildfire exposure of greater than 6% over the 30-year analysis period from 2022 to 2052 is estimated for 10.2 million properties. The FSF-WFM represents a notable contribution to the ability to produce property-specific, climate-adjusted wildfire risk assessments in the US.

Sea-Level Rise (SLR) Projections from the National Oceanic and Atmospheric Administration (NOAA) and the U.S. Army Corp of Engineers (USACE) indicate increasing, and imminent, risk to coastal communities from tidal flooding and hurricane storm surge. Building on recent research related to the potential demographic impacts of such changes (Hauer et al. 2016, in Nat Clim Chang 3:802-806, 2017; Neumann et al. 2015; Curtis and Schneider in Popul Environ 33:28-54, 2011), localized flooding projections in the Miami Beach area (Wdowinski et al. in Ocean Coast Manag 126:1-8, 2016) and projected economic losses associated with this rise in projected SLR (Fu et al. Ocean Coast Manag 133:11-17, 2016); this research investigates the accrued current cost, in terms of real-estate dollars lost, due to recurrent tidal flooding and projected increases of flooding in Miami-Dade County. Most directly related to this line of research, Keenan et al. (2018) have recently produced results indicating that Climate Gentrification is taking place in Miami, FL with higher elevations in flood prone areas appreciating at a higher rate. In that vein of thinking, we seek to answer a question posed by such research: What is the actual accrued loss to sea-level rise over the recent past! To answer this question, we replicate well-documented estimation methods by combining publicly available sea-level rise projections, tide gauge trends, and property lot elevation data to identify areas regularly at risk of flooding. Combining recent patterns of flooding inundation with future forecasts, we find that properties projected to be inundated with tidal flooding in 2032 have lost $3.08 each year on each square foot of living area, and properties near roads that will be inundated with tidal flooding in 2032 have lost $3.71 each year on each square foot of living area. These effects total over $465 million in lost real-estate market value between 2005 and 2016 in the Miami-Dade area.