In the past, the rise of sea levels hasn’t been of much concern to property owners, because the concept seems so far out in the future. Most people think this is something we won’t have to face until years down the road. However, to the dismay of people living in coastal regions, the rising levels may now begin affecting property values along those areas.
The main cause of these lowered property values stems from our current battle with climate change. Areas located near higher sea levels are more easily prone to being flooded during hurricanes or other tropical storms of that nature. But now that these levels have risen even higher, even the simplest of rainstorms that bring heavy rains and high tides are also beginning to flood.
Recently there have been studies conducted that have shown specific evidence of this problem. The threat of these sea levels rising even higher will have a direct impact on the value of these homes after surviving so much flood damage, and the potential for even more. So far, l levels have risen eight inches since 1900 at a pace that continues to move more quickly. It’s predicted that levels will rise another three to seven inches in the next ten years.
The impact on property value will continue to worsen as the levels continue to rise. So far, the value of these homes has decreased by 6-14% compared to other homes in the areas that are not located along the coast, something referred to as climate gentrification. Another alarming factor of that number is that homes that reside along coastlines are expected to be higher in value than their inland counterparts.
There are ways to fix the properties that have been damaged, especially with the help of good home insurance. An easy fix is to build elevated properties on these lots, like some coastal regions like North Carolina have already done. Unfortunately, there is no way that property owners can stop problems derived from climate change from happening in the future. What we can do is adapt and innovate, and develop new ways to control these waters and help keep these homes safe.