Between 2013 and 2024, approximately $31 billion in U.S. residential value was quietly erased by flood risk, according to ICE Climate. The overall market rose enough to hide it. Appreciation in high-flood-risk areas simply ran slower, year after year, until two otherwise identical homes sat tens of thousands of dollars apart.
Insurance is accelerating the split. A decade ago, premiums consumed roughly 8% of the average mortgage payment. Today that figure approaches 20% in high-risk markets. The cost of staying is becoming the cost of owning.