According to a recent study by First Street, the climate crisis is projected to wipe out approximately $1.47 trillion in home values across the United States by 2055. The study highlights that this decline will not affect all regions equally; certain areas will suffer more significantly due to factors such as population decline and rising insurance costs. Notably, communities defined as 'climate abandonment' are expected to endure severe property value losses. These areas primarily include California's Central Valley, which is prone to wildfires, and coastal regions of New Jersey, vulnerable to flooding and wind damage. The study identifies 21,750 neighborhoods across the country—making up about 26% of census tracts, projected to experience these losses. Recent catastrophic weather events, such as hurricanes and wildfires—like the damage caused by Hurricanes Milton and Helene in 2023—illustrate the staggering costs that climate-related disasters can inflict, further influencing real estate values and insurance rates. As climate change continues to reshape the landscape of American communities, First Street predicts a migration away from vulnerable zones, leading to additional declines in home prices in affected areas. As we look to the future, understanding these trends is crucial for homeowners and investors alike.