Sea Level Rise Has Eroded $400 Million In Regional Home Values, Study Says
For more than a decade, the impact of sea level rise and tidal flooding has been making waves on the real estate market of coastal New England, costing homeowners more than $400 million in lost value.
That's according to a report from First Street Foundation, a Brooklyn-based nonprofit that studies the impact of sea level rise and flooding.
“It’s probably going to become even worse over time if adaptation and other approaches aren't taken to further stop it," said Jeremy Porter, a professor at Columbia University and a statistical consultant for First Street. "We would expect to see more [losses] on the lots that are already experiencing it, but then we’d also see if adjacent lots start to also experience tidal flooding."
Porter said his team looked at existing models for determining home values and added a variable for lost appreciation relative to comparable homes. The methodology has been implemented in several other areas but now in coastal New England, homeowners — and maybe more importantly, prospective homeowners — can look at how properties are being affected by climate change.
The Flood IQ database allows users to look up properties and get an estimate of how much greater the value would be if not for the environmental changes.
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