Poorer U.S. communities are likely to face especially devastating effects from climate change, including falling property values, as they struggle to adjust to floods and rising insurance costs.

Nearly 40 percent of 175 communities that can expect chronic flooding by 2045 have poverty levels above the national average, according to an analysis by the San Francisco Federal Reserve.

Real estate values will possibly decrease due to increased flood risk, the report said.

“This can be disastrous for a homeowner whose house is their largest asset and a substantial portion of their net worth,” the bank said. “This will have a disproportionate adverse impact on low- and moderate-income households. Obviously, this can result in a downward spiral of property values for such communities.”

Much of the San Francisco Bay area development has occurred near the bay, and the shore is “more vulnerable to sea level rise than previously thought,” the report said.