Costing Out Lost Real Estate Value Due to Sea Level Rise
Coastal inundation from sea level rise is a serious issue in many locations along the Chesapeake Bay and its tidal tributaries. A recent article profiles how Hampton Virginia is dealing with being at the front lines of the issue.
New studies are beginning to assess the direct impact of coastal flooding on real estate values.
Scientists with the First Street Foundation used publicly available data to calculate $7.4 billion in lost real estate values in Florida, Georgia, South Carolina, North Carolina and Virginia between 2005 and 2017 — because of coastal inundation. The team analyzed 5.5 million real estate transactions. This is reported to be the first study of its kind in the U.S. to document reduced home values that have already occurred as a result of sea level rise. Read a full story on the study by the News & Observer.
First Street Foundation created a tool called Flood iQ to allow people to view inundation risk maps and see resulting resale value impacts. While the only Chesapeake watershed state covered so far is Virginia, the Foundation states it plans to expand the tool nationwide.
In a separate study, the Union of Concerned Scientists found nearly 2.5 million residential and commercial properties nationwide, valued at $1.07 trillion today, will be at risk of regular flooding by 2100.
Inundation risk is one of the influencing factors on land conservation the Chesapeake Conservation Partnership is exploring. Take a look at the maps the Partnership’s team assembled earlier this year.