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A new study has found that the risk of flooding to US homes is 50% higher than previously estimated; plus, at least 8 states are at risk of flash flooding today through Wednesday, and flooding leaves thousands without power.
According to a new study, by 2050, at least 16.2 million properties will be at a “substantial risk” of flooding in a given year, a figure 50% higher than FEMA estimates, CBS reports.
The study was performed by Brooklyn-based nonprofit First Street, a group made up of 80 experts in real estate, insurance, and academia that compiled a flood database that augments data from currently existing federal information.
According to the study, 14.6 million properties are immediate risk of flooding, a figure 6 million higher than previously calculated by the federal government.
The increase in numbers is due, in part, to the fact that parts of the country were never mapped before, largely due to limitations in budget by the Federal Emergency Management Agency (FEMA).
Due to budget shortages, FEMA lacks the resources to map every square inch of the country and, instead, concentrates on what it deems as the most vulnerable areas, which makes up about 87% of the country.
These new findings are going to bring significant changes to the real estate market.
While it is often believed that real estate is a good investment for beginners, this new information on flooding risks means that investors are going to need to do due diligence before they seek out properties and not relies heavily on FEMA flood mapping.
Now, thanks to the First Street new flood database, for the first time, the general public can look up nearly every individual address in the US, nationwide, to assess the risk of a property flooding, not only today but what that risk may look like over the next 30 years.
The National Weather Service (NWS) has issued a warning of heavy rain and a flash flood watch for at least eight US states on Monday.
Forecasters in Montana say that widespread rain will make flooding likely, especially over creeks and streams and across the Rocky Mountain front. The threat will continue through Wednesday.
The NWS is warning of flash flooding over central and eastern Minnesota, into central and eastern Wisconsin, extending through Northeastern and east-central Illinois, as well as south-central Illinois and east-central Missouri.
The flood threat extends into southeastern Michigan, eastern and southern Indiana, and into central and eastern Kentucky.
Portions of Massachusetts saw nearly 6 inches of rain on Sunday, while others saw 4 and 5, and many saw over 3 inches, while some parts of the state saw damaging winds and golf-ball-sized hail.
The storms triggered several flash floods and left over 2000 without power as of Monday morning in the eastern part of the state. Another day of thunderstorms was forecast for Monday which could initiate more flooding.
