Cost of buying out flood-prone homes: $5B and rising

Cost of buying out flood-prone homes: $5B and rising
(SOURCE: Missouri Baptist Disaster Relief)

MOSBY, Mo. (AP) - Over the past three decades, federal and local governments have poured more than $5 billion into buying tens of thousands of properties that are susceptible to flooding.

An analysis of federal data by The Associated Press shows those buyouts have been getting more expensive. Many of the costliest have come during the last decade after strong storms pounded heavily populated coastal states such as Texas, New York and New Jersey.

This year's record flooding in the Midwest and Plains states could add even more buyouts to the queue.

The purchases are happening as the climate changes. Along rivers and sea coasts, some homes once considered at little risk of flooding are now endangered due to water that is climbing higher and surging farther inland than historic patterns predicted.

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