October 25, 2019
Providence Among Cities With the Least Risk of Natural Disaster
In a recent Redfin report on disaster-prone and affordable places to live, our service area of Providence, Rhode Island emerged as the least disaster-prone among the 50 most populous metropolitan areas in the country. The likelihood of natural disasters is a serious consideration when choosing a place to live—as it can be considered to be a “hidden cost” of purchasing a home in a given area.
The report examined the likelihood of various types of natural disasters to hit a given metropolitan area: tornadoes, floods, fires, earthquakes, and (the only category in which Providence did not receive a score of 0) hurricanes. Each of the components is measured on a score with a high of 100. On hurricanes Providence received a 44 out of 100; but on the overall Natural Disaster Hazard Score, it received a mere 9 out of a total of 100.
What’s more, Providence’s median house price is just $255,000, which is lower than the median national house price of $287,400. In fact, of the ten metro areas least likely to encounter natural disaster—besides Providence, Detroit, Michigan; Hartford, Connecticut; Las Vegas, Nevada; Milwaukee, Wisconsin; Indianapolis, Indiana; Buffalo, New York; Salt Lake City, Utah; Raliegh, North Carolina; and Nashville, Tennesee—only one (Raliegh) exceeded this national median house price (with a median house price of $286,000). A number of these locations have truly low median house prices. Detroit’s (at number two on the list) has a median house price of a mere $125,000. Buffalo’s is a mere $145,000.
The next lowest of the metro areas lying in one of our service area states is Boston, Massachusetts. It made number 17 on the list. While its earthquake and tornado scores are both 0 out of 100, it has a fire score of 24 out of 100; a flood score of 41 out of 100; and a hurricane score of 56 out of 100. Overall its Natural Disaster Score comes in at 24 out of 100. Meanwhile, its median house price is $452,000.
Orlando, Florida is number 22 on the list, with a Natural Disaster Score of 27. It’s got a score of 0 for earthquakes, but 45 for fires, 5 for floods, 26 for tornadoes, and 60 for hurricanes. Its median home price is below the national median, though, at $249,000.
The other Florida cities on the list: Jacksonville is in place 27, with a Natural Disaster Score of 30. Tampa, at place 28, also has a Score of 30. Miami, at spot 31, also has a Score of 30.
Topouzis & Associates, P.C. closing attorney’s offers you the services that ensure title to your home purchase gets conveyed clear of defects—and we also supply purchasers with Owner’s Policies of title insurance, just in case. Contact us if you want your property transfer in Providence, Rhode Island; Boston, Massachusetts; or Miami, Florida to go through without a hitch—both before and after closing.