First Street’s 12th National Risk Assessment: Property Prices in Peril estimates that by 2055, 84 percent of all U.S. census tracts may experience some form of negative property worth impacts from climate risk. A total of $1.47 trillion in net property value could be lost due to insurance pressures and shifting consumer demand. Greater frequency and intensity of natural disasters has already resulted in a steady increase in the overall cost of homeownership, the report explains. Insurance costs are rising dramatically faster than mortgage payments; from 2013 to 2022, insurance costs climbed from 7-8 percent of mortgage payments to over 20 percent. Additional financial burdens are created by increases in utility bills and maintenance costs. First Street projects that as a result over 55 million Americans will voluntarily relocate within the U.S. to areas less vulnerable to climate risks by 2055, starting with 5.2 million in 2025. Climate migration will intensify some existing migration patterns, the model predicts, and will particularly accelerate rural-to-urban movement because rural places are less resilient to disasters.