Miami's Coastal Vulnerability and Florida's Real Estate Economy

Miami is identified as one of the world's most vulnerable coastal cities, with experts predicting sea levels could rise by five feet or more by 2100, potentially submerging parts of the city. Florida's economy is powered by real estate, and local governments depend on property tax revenue, which is precarious given the risk of flooding and hurricanes. During the pandemic, home prices in the state saw a significant increase.

The state's reliance on property taxes, which fund local governments, is threatened by the risk of billions of dollars in property being at risk from rising seas. While home prices skyrocketed during the pandemic, some real estate agents note that coastal risk is not the primary concern for current homebuyers.