(Bloomberg) -- When talking about housing, “underwater”usually means you owe more on a mortgage thanthe home is actually worth. If climate change continuesapace, that term could take on a much more literalmeaning.

Rising sea levels could soak homeowners for $882 billion,according to a new report from real estate websiteZillow. The research takes its initial cue fromthe journal Nature, which in March found sea levels could rise more than 6 feet by theend of the century.

In that scenario, Florida could lose close to 1 million homes,or 13 percent of the state’s current stock.That comes out to $400 billion in value —a figure that doesn’t include losses to commercial buildingsor public infrastructure or account for future appreciation inhome value.

Major losses as water moves in

Zillow combined its own home price estimates with sealevel projections from the National Oceanic AtmosphericAdministration. There’s still a lot of guesswork going on,cautions Zillow Chief Economist Svenja Gudell. Governments couldbuild barriers to protect coastal communities or sea level risecould prove more moderate. But whatever the variables, there willbe major losses as the waters move in.

Even in Zillow's less calamitous scenario of a 2-foot increasein sea level, the U.S. would still lose $74 billion in homevalue, with Florida leading the way at $17 billion.

The total value of the losses, meanwhile, is determined by thenumber of homes at risk of flooding and the value of those homes.In the more catastrophic 6-foot-rise scenario, New York City would lose about32,000 homes at $27 billion in value. Newport Beach,Calif., meanwhile, would lose one-sixth as many homes but $10billion in value, because median home value there is $1.6 million.

Homebuyers have proven to be a stubborn bunch when it comes tobuilding and buying homes in coastal areas. Still, the year 2100isn’t that far away. If you’re in the market for oceanfront realestate, you might want to find a beach that’s on high ground. Orbetter yet, consider the Great Lakes.

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