Climate Changed
Climate Change Has Already Hit Home Prices, Led by Jersey Shore
- New research maps lost values linked to floods, rising seas
- Ocean City has lost $530 million in relative value since ’05
This article is for subscribers only.
Sea-level rise is already hitting home prices along the Atlantic Coast, new data shows -- and nowhere harder than the tiny New Jersey town of Ocean City.
Between 2005 and 2017, increased tidal flooding erased $14.1 billion in relative home values across eight states, according to research by First Street Foundation, a Brooklyn-based nonprofit that seeks to quantify the effects of climate change on coastal communities. The group found that 820,000 homes are now worth less than they would have been otherwise, including 75,000 homes in New York State and 15,000 in Connecticut.