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Trillions of Dollars Worth of U.S. Homes at Risk of Climate Events

Homes in the most at-risk areas are less likely to sell at their original list price.

By Kristen Smithberg | March 18, 2025 at 04:49 AM

Trillions of dollars worth of homes in the United States face major risk of damage from weather events and natural disasters. A new Zillow analysis found that at least $17 trillion worth of homes are at major wind risk, while $9.1 trillion are in significant jeopardy for fire and $7 trillion worth of homes are at risk of major flooding.

Zillow’s study revealed that 11 metro areas have at least $100 billion of residential real estate that faces major fire risk, six of which are in California. Los Angeles has the highest total value of homes that fit this category ($831 billion), driven by a higher average home value of $1.6 million, the highest of any major metro. Phoenix and Dallas have significantly more homes vulnerable to fires, but the total value of danger in those markets is not as high.

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