Rising Seas Eliminate $15.8 Billion in East Coast Home Values
A new First Street Foundation study found rising sea levels resulted in losses of $15.8 billion in property values between 2005 and 2017 among 15 East Coast states, Alabama, and Mississippi.
Researchers considered the characteristics associated with home value, such as square footage and proximity to amenities. Unlike other studies which were designed to forecast the future impacts of sea level rise flooding on home values, this study is the first to demonstrate the value loss that has already occurred. The study also uncovered that in addition to flooding on the property-lots, nearby road flooding has a significant impact on home value declines.
Among the 17 states included in the study, Florida saw the largest loss in home values at $5.4 billion. New Jersey followed second at $4.5 billion and New York came in third at $1.3 billion. The three cities that saw the greatest losses in relative property value were Miami Beach, Fla., Charleston, S.C., and Ocean City, N.J.
“Flooding is the costliest natural disaster in the United States,” said Matthew Eby, executive director of First Street Foundation. “FEMA is the gold standard when it comes to Americans understanding their flood risk, yet FEMA’s flood maps are fundamentally wrong. First Street Foundation’s home value research is the first step toward our goal of providing accurate, meaningful, and comprehensive flood risk information to every American.”
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