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Florida coastal homes lose value because of rising sea levels

Posted by Editor on March 5, 2019
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 Updated research from the nonprofit First Street Foundation shows that higher sea levels cut home values in 17 states from Maine to Mississippi by $15.8 billion from 2005 to 2017.

The greatest loss in relative home values was recorded by Florida at $5.4 billion, New Jersey at $4.5 billion, and New York at $1.3 billion.

The report focuses on the impact of rising water levels from 2005 to 2017 for 25.6 million coastal properties.

Researchers plan to release data for the rest of the coastal United States in the near future, and then move on to major rivers.

The top five cities with the biggest value declines so far are:

  1. Ocean City, New Jersey ($530 million)
  2. Miami Beach, Florida ($337 million)
  3. Hollywood, Florida ($305 million)
  4. Charleston, South Carolina ($266 million)
  5. St. Petersburg, Florida ($244 million).

Other Florida cities in the report include Fort Lauderdale at No. 8 ($194 million), Key Largo at No. 12 ($160 million), Jacksonville at No. 15 ($146 million), and Key West at No. 17 ($133 million).

Source: “Homes lose $15.8 billion in value as seas rise, Maine to Mississippi,” CBSNews.com, Rachel Layne (Feb. 27, 2019)

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