(Bloomberg) – 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 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.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In