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Americans are flocking to U.S. regions most threatened by climate change
Americans often pull up roots in search of better jobs and cheaper housing. But in recent years, those moves have drawn more people into regions with higher risk of natural disasters, which have become more destructive because of climate change.
Hurricane Milton, a powerful Category 4 storm on Tuesday afternoon, is on a path to hit the Tampa-St. Petersburg, Florida, area late Wednesday or very early Thursday morning. Yet the metropolitan region has grown by 39% since 2000, boosting its population by an additional 1 million residents during that time.
Last month’s Hurricane Helene devastated parts of western North Carolina, including the city of Asheville, the population of which has increased by 13% since 2000, according to data from the Federal Reserve Bank of St. Louis. The region attracted new residents during the past few decades by appealing to retirees, remote workers and other professionals pursuing Asheville’s highly rated quality of life.
The population growth of Tampa and Asheville are part of a trend noted by economists, demographers and scientists: Regions facing heightened risks from climate change drawing in more residents. The juxtaposition of growing populations and intensifying natural disasters, in turn, creates the risk for even greater losses to human life and property.
High-risk counties outgrow low-risk areas
The populations of high-risk counties have grown at a rate that’s 3 percentage points faster than low-risk counties over the last three decades, according to research from economists Agustin Indaco, Francesc Ortega and Xinle Pang.
“Our results show that, in general, the U.S. population is not retreating from high-risk areas,” they noted in a 2023 paper published in Econofact. “In fact, there’s increasing agglomeration in areas with high climate risk.”
Added the economists, “These results imply that, even in the optimistic (and unlikely) event that climate risk were to remain constant, natural hazards with record-breaking damages will continue to take place over the foreseeable future.”
Pandemic trends
To be sure, it’s not only communities in Florida and the Southwest that are experiencing the combination of population growth and more damaging climate disasters. Regions in western states from Washington to Arizona at higher risk of more frequent heat waves and wildfires have also seen recent population growth, according to research from the University of Vermont and the U.S. Department of Agriculture.
Climate disasters have also brought suffering to regions that haven’t been considered high-risk, such as Vermont, which was hit with deadly flooding in 2023 and 2024, with the latest storm stemming from the remnants of Hurricane Beryl.
Regardless, Americans are increasingly flocking to disaster-prone areas, an issue that picked up speed during the pandemic as some people sought to take advantage of remote work and shift their residences in search of more affordable housing or a new lifestyle.
During the first two years of the pandemic, migration of Americans to high-risk areas from regions with lower climate risk more than doubled, according to Freddie Mac. More people moved to places with higher risks of wildfire, drought and hurricanes, although there was one exception, as earthquake-prone areas in California actually saw an outflow of residents, Freddie Mac researchers found.
But that may be due to residents leaving the state because of its high cost of housing, rather than fears about earthquakes, the researchers noted. In fact, some of those people who left California may have simply shifted to regions exposed to other climate-related risks, they added.
“[T]here is little evidence that, on average, natural hazards are a strong driver of out-migration,” the researchers noted. “Instead, it is the affordability of the area as suggested by out-migration from places like California and New York that pushes people out, unless there is a major natural disaster that provides information about the riskiness of the area they are residing in.”
Tipping point?
The question is whether natural disasters and climate change could create a tipping point where residents begin to move away from high-risk regions.
Already, there’s some evidence that some Americans have become climate migrants, with First Street Foundation, a nonprofit that studies climate change, finding in a 2023 report that 3.2 million Americans have moved due to mounting risks of flooding where they live. Some of those regions, which First Street calls “climate abandonment areas,” exist in even some of the country’s fastest-growing metropolitan areas, including coastal Florida and Texas’ Gulf coast.
Some homes in disaster-prone areas are already facing higher insurance costs — if homeowners can even get a policy. Florida homeowners have already shouldered a 45% increase in insurance rates from 2017 to 2022, according to a recent report from the Florida Policy Project.
The average annual premium for a Florida homeowner is $5,500 — about 140% higher than the typical U.S. homeowner’s cost of $2,285, according to Bankrate.
And the growing risk of wildfires has made parts of California essentially uninsurable, according to a 2023 First Street analysis.
For some Tampa residents, Hurricane Milton will be the second storm within weeks to damage the region. Many are now evacuating, leading to clogged roads and empty gas stations. Whether that deters other people from moving to the Florida is yet to be seen, but in the near-term, residents told CBS Miami that the impact could be severe.
“Fo most of us, this is everything we have — the largest part of everybody’s financial well-being is locked up in their homes,” Florida resident Jeff Garvey told CBS Miami.
Mark Harmon, widely known for playing Special Agent Leroy Jethro Gibbs on the hit CBS drama “NCIS,” is stepping behind the camera as the executive producer and narrator of a new spin-off prequel, “NCIS: Origins.”
After nearly two decades in the role, Harmon is now helping bring to life the early years of Gibbs, with actor Austin Stowell portraying a young version of the iconic character.
“You come in and audition here for years and years, and all of a sudden, you’re presented with a badge with your name on it,” Stowell said about now working on the Paramount lot.
The show’s set features scenes at Camp Pendleton, including locations like Daley’s Tavern, a bar just off-base. For Stowell, it is a role of a lifetime.
“I felt very confident in what I could bring to the character, and then the second you walk in the room, that all goes out the window,” Stowell said.
Casting the role of young Gibbs in “NCIS: Origins” was a significant decision for the team, as it meant finding someone to take on the character that Harmon made iconic. The prequel, set in 1991, explores Gibbs’ early days as a rookie agent.
Harmon saw the project as an opportunity to dive deeper into the character’s backstory, introducing a Giibbs that has never been seen before in the original series.
“This is a chance to really kind of dig into it,” said Harmon
The role also brings a more personal and emotional storyline for Gibbs, one that explores his grief after the loss of his wife and child.
“He’s in rough shape,” Harmon said.
Stowell has drawn on his personal experiences to portray Gibbs’ pain. His father died by suicide four years ago.
“Loss is something we all deal with and for Gibbs, this is something that has cracked him to his core, said Stowell.
Harmon has been a steady presence on set, offering guidance to Stowell and the rest of the cast.
“From day one, Mark has been available,” Stowell said. “He’s so good at allowing the people who are on this show to feel like they are supported.”
Harmon made it clear that this new chapter of “NCIS” belongs to the younger cast.
“I’m there to help and to talk to them or to tell them what I remember from being in this for a while. But this is their thing,” Harmon said.
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After a four-year period in which interest rates hit record lows and then rose to decades-highs, the Federal Reserve started cutting interest rates again in September. A half a percentage point cut, sparked by cooling inflation numbers, was issued on September 18. And with unemployment and inflation declining in September, too, additional cuts of 25 basis points each look likely for the next two Fed meetings in November and December.
While this is welcome news for borrowers, it will detract from the big returns savers have been accustomed to in recent years. This is particularly true for those who have opened or are considering opening a certificate of deposit (CD). That said, CD interest rates haven’t declined so dramatically as to render these unique savings vehicles unworthy. Savers can still earn hundreds and potentially thousands of dollars with the right CD account – even now.
But there are some smart CD moves savers should make now, before the next rate cut, to earn that big return. Below, we’ll break down three of them.
Start by seeing how much more you could be earning on your money with a top CD here.
3 smart CD moves to make before the next rate cut
While CDs are still a safe and predictable way to earn a substantial return on your money, this high rate cycle could soon be coming to a close. Savers who have yet to take advantage, then, or those considering another account, should make the following moves now — before the Fed takes additional action:
Determine your budget
The more you deposit into a CD the more you’ll earn. That simple calculation, however, doesn’t account for any early withdrawal penalties you’ll need to pay if you withdraw your money prematurely. These penalties range from lender to lender but they can easily negate any earnings you’ve accumulated to that point. So, first, determine your budget. Figure out precisely how much you can afford to deposit and for how long you can lock it away. Once you have this amount and length of time (CD term), determined, you’ll be ready to take next steps.
Get started with a CD online now.
Shop around for lenders
Don’t just head to your local bank branch to open a CD. Often, the best CD rates and terms are found with online banks versus those with physical locations. But even all online lenders are not the same as some will require higher minimum deposits or other requirements to earn a high rate. So shop around for lenders to find one offering the best rates for the amount of money you’re comfortable depositing. And be sure to understand the early withdrawal penalties and any other fees or maintenance costs that could affect your returns before getting started.
Open a long-term CD
A long-term CD will mature anywhere between 18 months and 10 years. Once you’ve determined how much money you can comfortably afford to deposit, consider one of these accounts instead of a short-term one now. Currently, short-term CDs have slightly higher rates than long-term ones do. But those accounts will mature in just a few months, at which point rates will likely be lower. But long-term CDs have competitive rates now (in the 4% to 5% range), allowing savers to earn big returns for years to come, even if the larger rate climate cools during that time frame. And because of the locked rate nature of these accounts, you’ll be able to determine with precision your exact earnings upon account maturity.
The bottom line
Rate-cutting action on behalf of the Federal Reserve should spur savers who haven’t take advantage of the current high rate climate (or those who want to continue to) to make a move now – and they should do so with a CD. Specifically, savers should determine their budget in order to deposit as much as they can comfortably afford. But they should also shop for lenders to find one offering the highest rates, specifically for long-term CDs, which can help savers weather what appears to be a cooling rate climate.
Have more questions? Learn more about your current CD options here.
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