(NewsNation) — Climate change could wipe out about $1.47 trillion in U.S. real estate values over the next three decades, according to First Street Foundation.

The study, published in 12th National Report, Property Prices in Peril, offers insights into the projected effects of climate change on the U.S. real estate market. 

“Climate change is no longer a theoretical concern; it is a measurable force reshaping real estate markets and regional economies across the United States,” said Jeremy Porter, First Street’s head of climate implications research. “Our findings highlight the urgent need to understand how rising insurance costs and population movements are transforming the economic geography of the nation.”

First Street estimates that by 2055, climate-driven weather is expected to hike homeowners’ insurance premiums nationwide by an average of 29.4%. Texas, California and Florida are projected to experience the steepest increases.

At the same time, migration induced by climate risks such as extreme heat, wildfire smoke and flooding is anticipated to drive significant population redistribution, with 55 million Americans expected to relocate within the U.S. over the same period, according to First Street.

The findings are especially timely, Axios reports, in light of the recent wildfires in Southern California, which caused an estimated $20 to $30 billion in insured losses.