Marylanders might have already lost out on $555 million in property value appreciation because of increased tidal flooding caused by rising sea levels, according a new report.
The report details the findings of a peer-reviewed study, compiled by data scientists from Columbia University and the nonprofit First Street Foundations, that examined about 3.7 million coastal properties in Maryland, Delaware and Pennsylvania. The tri-state region lost out on $862.1 million in relative property values from 2005 to 2017, according to the findings.
Of the three states analyzed, researchers found Maryland’s coastal properties were hit the hardest — having lost $555.7 million in relative property value appreciation. By comparison, Delaware lost out on an estimated $299.5 million and Pennsylvania lost about $10.1 million in unrealized value, according to the study.
(Below is a heat map based on the one in the report, showing amount of property value loss by ZIP code.)
The report comes from First Street Foundation, a nonprofit that seeks to evaluate financial losses stemming from climate change in real time, as opposed to estimating future losses. The findings released Wednesday expand on previous evaluations of other states on the East Coast.
Florida, New Jersey and New York have all fared worse than Maryland, each counting their property value losses in billions of dollars.
The most recent report includes a list of 20 cities in Maryland, Delaware and Pennsylvania that were hit the hardest, with 13 Maryland cities making the list. Crisfield ranks No. 1 with an estimated $38 million in property value losses. Baltimore was listed as No. 15 with $8.8 million lost.
|Property value lost to sea level rise 2005-17|
|West Ocean City||(Worcester)||20.4M|
|Shady Side||(Anne Arundel)||10.9M|
|Annapolis Neck||(Anne Arundel)||9.2M|
For methodology, researchers took into account characteristics associated with home value, such as square footage and proximity to amenities, according to a First Street Foundation news release.
The scientists accounted for economic trends such as the 2008 housing recession and were able to isolate the impact that increased frequent tidal flooding caused by rising sea levels has had on home value, the release states.