Olde Hornet
Well-Known Member
Be careful buying that beachfront property!
https://www.msn.com/en-us/money/rea...fall-as-sea-levels-rise/ar-BBSFH1o?li=BBnbfcN
A rising tide may lift all boats, but that doesn't apply to coastal real estate. Higher sea levels have slashed the home values of four New England states by more than $400 million over a dozen years, according to research from the Brooklyn-based nonprofit First Street Foundation.
Massachusetts' property owners have suffered the biggest losses, with rising sea levels responsible for lowering the total value Bay State homes by more than $273 million. Maine is next, with nearly $70 million in losses, followed by Rhode Island at roughly $45 million. Losses in New Hampshire, which has the shortest coastline in New England, topped $15 million.
One extreme example includes a house in Boston currently valued at $373,725 that would have been worth almost $800,000 if not for the higher sea level. Homeowners can find the information on a website called FloodIQ, which gives access to public data crunched in a way only previously undertaken by private companies such as insurers and Wall Street firms, which use the data to evaluate investments and risk. Coastal homes may face greater dangers from flooding and storms than inland properties, damping their market value and crimping a region's tax base.
https://www.msn.com/en-us/money/rea...fall-as-sea-levels-rise/ar-BBSFH1o?li=BBnbfcN
A rising tide may lift all boats, but that doesn't apply to coastal real estate. Higher sea levels have slashed the home values of four New England states by more than $400 million over a dozen years, according to research from the Brooklyn-based nonprofit First Street Foundation.
Massachusetts' property owners have suffered the biggest losses, with rising sea levels responsible for lowering the total value Bay State homes by more than $273 million. Maine is next, with nearly $70 million in losses, followed by Rhode Island at roughly $45 million. Losses in New Hampshire, which has the shortest coastline in New England, topped $15 million.
One extreme example includes a house in Boston currently valued at $373,725 that would have been worth almost $800,000 if not for the higher sea level. Homeowners can find the information on a website called FloodIQ, which gives access to public data crunched in a way only previously undertaken by private companies such as insurers and Wall Street firms, which use the data to evaluate investments and risk. Coastal homes may face greater dangers from flooding and storms than inland properties, damping their market value and crimping a region's tax base.