How does climate change impact the cost of buying a home? Find out here.

Symptoms of climate change, like more frequent and intense extreme weather events, rising sea levels, and warmer oceans, manifest as altered precipitation patterns, leading to more severe droughts, flooding, and heatwaves, according to experts.

In the coming decades, Georgia will become warmer, and the state will probably experience more severe floods and drought, notes the U.S. Environmental Protection Agency.

Impacts of climate change have changed the homebuying process, including an increase in insurance costs and availability. 

Here are some additional ways climate change is impacting home buying from various sources, including the Congressional Budget Office:

• Extreme weather like hurricanes and flooding leads to higher premiums, making homeownership less affordable, and some insurers may stop writing policies in high-risk zones.
• Georgia’s coastal areas face greater sea-level rise and storm surge, damaging properties and increasing default risk for mortgages.
• Lenders face losses from defaults and may increase rates, require larger down payments, or shorten mortgage terms for high-risk properties.
• Long-term risks like sea-level rise can decrease property values, impacting loan-backed securities and potentially leading to sharp repricing shocks.
• The Federal Reserve Bank of Atlanta highlights worsening affordability, partly due to these increased costs, creating a larger income gap for buyers.

Natural disasters put homeowners at risk nationwide, according to the Congressional Budget Office. Fully insured households that cover losses from a natural disaster are better equipped to recover financially and return to their homes. As climate change increases the frequency, severity, and geographic reach of many kinds of natural disasters, more households in many high-risk areas are finding insurance difficult to obtain or afford.

Tips for potential homebuyers:

• Research flood zones and potential for other disasters.
• Factor insurance costs into your budget.
• Look into resilient building features and infrastructure.

This reporting content is supported by a partnership with several funders and Journalism Funding Partners.

Erica Van Buren is the climate change reporter for The Augusta Chronicle, part of the USA TODAY Network. Connect with her at EVanBuren@gannett.com or on X: @EricaVanBuren32.