Sean Pyles

Yeah.

Okay.

So getting to the core of our listeners question, how does everything that we've talked about so far change the calculus around home ownership and the risks involved?

And I'm thinking, too, when homeowner insurance goes up, as Sean kind of alluded to, sometimes that means your rent goes up.

So from a renter's point of view, is there anything that you can think of that renters can consider before renting a property, especially if they plan to stay there long term?

Eventually, rent is going to become more expensive as the owners of these properties who have mortgages are paying more for their home insurance.

And that's eventually going to have to trickle down into higher rent, right?

Yeah, it will eventually trickle down, unfortunately.

Well, back to people who are buying homes, how can they plan for these costs and consider them and bake them in from a dollar and cents perspective?

Ahead of this conversation, Caitlin, I looked into a report from Jupiter, which is a company that models climate risk.

And this report found that the housing market may actually be currently underestimating the impact of climate risk on home values and that we may be in a climate related housing bubble of sorts and what they call climate hotspots.

homes may have more than $70,000 in climate risk that is not priced in, which could reduce the value of these properties.

The report also showed that for every $100 increase in climate-related premiums, property values dropped by an average of $1,000.

So I imagine that's all going to tip the scales for some buyers and make home buying less appealing.

What are your thoughts here?

Well, geez, we've painted a pretty bleak picture here, Caitlin.

Although it's the truth, it's pretty bleak.

But do we have any bright sides of how climate change might be affecting the housing market?

Maybe just even through raising awareness.

I've learned so much through this conversation as a non-homeowner.