Just an inch of floodwater can generate tens of thousands of dollars in property damage. Homeowners who have experienced such disasters often find themselves in a difficult situation, needing to move and start over. In some cases, the surprising buyer for their home turns out to be the government. FEMA has been assisting in the purchase of damaged homes since 1989, with around $4 billion being spent on about 45,000 to 50,000 homes. One such homeowner who benefited from a floodplain buyout is Andrea Jones, who sold her home in the Charlotte, North Carolina, area. Her home never flooded, but the surrounding area did, causing her to worry about getting home during heavy rains.
Jones sold her home for a profit and used the proceeds to purchase a new home outside the floodplain. While she misses her old neighborhood and friends, she feels more comfortable and at peace living in a home where flooding is no longer a concern. However, the financial implications of moving to a new home, which is more expensive and carries a higher mortgage, must also be taken into account. This decision can have both financial and emotional repercussions for homeowners like Jones.
Floodplain buyouts not only benefit individual homeowners but can also potentially help communities by creating open space and areas that can collect floodwaters, protecting other homes in the region. However, experts highlight that buyouts can be controversial and present challenges for communities. The responsibility of owning deeded land acquired through buyouts can lead to legal liability and drain local resources. Additionally, without full participation, buyouts can result in problems such as blight, community fragmentation, difficulty with municipal services, and the inability to restore the floodplain to absorb water properly.
Moreover, the process of obtaining a buyout can be lengthy, with federal buyouts taking an average of two to five years. While most FEMA acquisitions are approved in less than two years, this waiting period can be excruciating for homeowners dealing with the aftermath of a flood. Despite the advantages of not having to live in a floodplain, the extended waiting time can add stress and uncertainty to an already challenging situation.
As the U.S. grapples with a housing shortage and the effects of climate change, finding a balance between providing affordable housing and ensuring the safety of residents is crucial. Investing in buying and demolishing homes in floodplains may offer a solution to both issues, but it requires careful consideration and planning. Collaboration between federal, state, and local governments, as well as community participation, is essential in executing successful floodplain buyouts that benefit both homeowners and communities.
Floodplain buyouts have a significant impact on homeowners and communities affected by flooding. While they offer an opportunity for homeowners to move out of harm’s way and create space for flood protection, buyouts also present challenges such as financial strain, emotional upheaval, and community resistance. By addressing these challenges and working towards sustainable solutions, buyouts can serve as a valuable tool in mitigating the effects of flooding and ensuring the safety and well-being of residents in at-risk areas.