Loading
TAMPA — Residential real estate in Tampa could suffer $27 billion worth of damage from storm surge flooding caused by a hurricane, according to a new estimate from CoreLogic.
The Chicago-based research firm considers Tampa one of the top five urban areas in the U.S. in terms of potential storm surge damage, its latest report states.
The $27 billion total offered by CoreLogic represents the total value of all properties within an area that could be affected by storm surge. More than 278,000 Tampa properties are considered to be at risk by CoreLogic.
Tampa's damage estimate is higher than Houston's ($20 billion), but lower than the estimate for New Orleans ($39 billion). New York's Long Island ranked No. 1, with an estimate that storm surge could cause up to $99 billion in property damage, according to CoreLogic's report.
To arrive at these estimates, CoreLogic identified all residential properties within a predicted storm surge area and analyzed it against the associated property value of each home. The analysis divided property valuations first by hurricane category, then again within each region by ZIP code. The final results show the current value of all residential properties exposed to potential storm surge damage.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
