The best of EcoWatch, right in your inbox. Sign up for our email newsletter!
Sea Level Rise Has Already Cost 8 East Coast States More Than $14 Billion in Home Values
Sea level rise caused by climate change has already cost the U.S. $14.1 billion dollars in home values across eight East Coast states, according to new data released Thursday by the First Street Foundation, a Brooklyn-based non-profit whose stated mission is "to educate citizens and elected officials on the risks, causes and solutions to sea level rise and flooding."
In two separate data summaries released July 25 and Aug. 23, scientists affiliated with the organization looked at how coastal flooding had influenced home values in five Southern coastal states and the tri-states of New York, New Jersey and Connecticut between 2005 and 2017.
They found that $7.4 billion in home values had been lost in the five Southern states and $6.7 billion in the tri-state area.
"It is one thing to project what the future impacts of sea level rise could be, but it is quite another to know that the market has already responded negatively to this threat," head of data science at First Street Foundation Steven A. McAlpine said in the July 25 release.
The current figures build on a case study conducted by McAlpine and Columbia University professor and First Street Foundation statistics consultant Dr. Jeremy R. Porter, which focused exclusively on Miami-Dade, Florida and was published in the peer-reviewed journal Population Research and Policy Review June 26.
The initial study used sea level rise predictions, tide gauge trends and property elevation data to conclude that properties projected to be affected by tidal flooding by 2032 lost $3.08 per square foot of living area per year and properties near roads projected to be impacted by tidal flooding by 2032 lost $3.71 per square foot of living area per year, for a total of $465 million lost in Miami-Dade between 2005 and 2016.
It was the first study to show that flooding on nearby roads also impacted home values.
Porter and McAlpine have since continued their analysis to cover all of Florida, Georgia, Virginia, North Carolina and South Carolina, plus the tri-states.
"We all knew that flooding issues were getting worse from sea level rise, but the home value loss associated with it is truly staggering." First Street Foundation Executive Director Matthew Eby said in the Aug. 23 press release. "The time to act is now."
The analysis found that the states most impacted were Florida, where 384,548 homes have lost $5.42 billion in value, and New Jersey, where 112,583 homes have lost $4.5 billion in value.First Street Foundation has added the data to its Flood IQ flood risk tool, which now allows property owners to check their individual property value loss and the total loss for their city.
EcoWatch Daily Newsletter
Judge Blocks Oil and Gas Drilling on 300,000 Acres in Wyoming Until Government Considers Climate Impacts
Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in Fossil Fuels Since Paris Climate Pact
By Sharon Kelly
A report published Wednesday names the banks that have played the biggest recent role in funding fossil fuel projects, finding that since 2016, immediately following the Paris agreement's adoption, 33 global banks have poured $1.9 trillion into financing climate-changing projects worldwide.
By Patti Lynn
2018 was a groundbreaking year in the public conversation about climate change. Last February, The New York Times reported that a record percentage of Americans now believe that climate change is caused by humans, and there was a 20 percentage point rise in "the number of Americans who say they worry 'a great deal' about climate change."
England faces an "existential threat" if it does not change how it manages its water, the head of the country's Environment Agency warned Tuesday.
By Jessica Corbett
A new analysis revealed Tuesday that over the past two decades heat records across the U.S. have been broken twice as often as cold ones—underscoring experts' warnings about the increasingly dangerous consequences of failing to dramatically curb planet-warming emissions.
By Madison Dapcevich
Ask any resident of San Francisco about the waterfront parrots, and they will surely tell you a story of red-faced conures squawking or dive-bombing between building peaks. Ask a team of researchers from the University of Georgia, however, and they will tell you of a mysterious string of neurological poisonings impacting the naturalized flock for decades.
The initial cause of the fire was not yet known, but it has been driven by the strong wind and jumped the North Santiam River, The Salem Statesman Journal reported. As of Tuesday night, it threatened around 35 homes and 30 buildings, and was 20 percent contained.