New Jersey Shore Towns Face Greatest Economic Damage From Rising Seas; $4.5 Billion (2nd To Florida)
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Ocean City, with relative losses totaling more than a half-billion dollars, tops Miami Beach, facing more than $300 million. Without specifying the address, the authors cited a property on Haven Avenue in Ocean City as an example of the type of relative loss in property value, with a $119,702 dip. Overall, New Jersey faces the second highest losses among states, at $4.5 billion, second to Florida, which is estimated at more than $5.4 billion.
The list is derived from research into relative property values of 15 eastern states, including Alabama and Mississippi. To derive their peer-reviewed methodology, Steven A. McAlpine at First Street Foundation and Jeremy R. Porter, a Columbia University professor and consultant for the foundation, initially analyzed only the Miami-Dade County real estate market. They then applied that methodology to analyze millions of other real estate transactions in the east.
They took into account square footage, location, trends, and other issues associated with home values. They say they were able to calculate the impact of frequent tidal flooding on home values using data from 2005 to 2017. They found that while most homes did appreciate in value, affected homes appreciated at “a significantly lower rate than comparable homes unaffected by tidal flooding.” They also found that roads that flood near a home also hurt its value.
"From Maine to Florida and through the Gulf Coast, we have seen the same phenomenon,” Porter said. “Increased tidal flooding has led to a loss in home value appreciation. We expect this trend to not only continue in the coming years, but to accelerate along with the accelerating rate of sea level rise.”
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https://www.philly.com/science/climate/climate-change-sea-level-rise-new-jersey-shore-ocean-city-property-values-20190227.html