I ran across this at Google Finance. Here is some of the towns and cities we’ll be saying goodby to in the coming 81 years. These towns and cities currently have some of the country’s priciest real estate.
2. Ocean City, New Jersey
- Current median home value: $603,000
- Value lost in impacted properties (2005-17): $530,439,399
- Percentage of homes underwater by 2100: 79.4%
Ocean City has the highest dollar amount of value lost in impacted properties from 2005 to 2017 of any city on this list. It is also projected to have the largest loss in the next 15 years, losing $612,045,461 in property values from 2018 to 2033.
1. Miami Beach, Florida
- Current median home value: $377,600
- Value lost in impacted properties (2005-17): $337,167,466
- Percentage of homes underwater by 2100: 77.6%
- Climate Change Is Hurting Home Values the Most in This Area
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Most of the loss in home values that has occurred since 2005, and that which is expected to occur in the next 81 years based on rising sea level projections, is concentrated in two states: Florida and New Jersey. Of the top 40 U.S. cities affected by sea level rise, there are 18 in Florida and 14 in New Jersey. South Carolina has four cities on the list, New York has two and Massachusetts and Maryland each have one.
13. Key West, Florida
- Current median home value: $661,400
- Value lost in impacted properties (2005-17): $133,015,501
- Percentage of homes underwater by 2100: 83.5%
Homes in Key West continue to appreciate, having risen steadily since 2009 despite numerous storms. By the beginning of the next century, however, the vast majority of homes will be underwater.
12. Miramar, Florida
- Current median home value: $312,000
- Value lost in impacted properties (2005-17): $7,694,339
- Percentage of homes underwater by 2100: 70.3%
Miramar has a relatively low median home value, although it has increased since 2009 when it was $207,500, and since 2017 when it was $260,000. However, about 27,000 homes are projected to be underwater by 2100, representing a loss in value of $8.2 billion.
11. Avalon, New Jersey
- Current median home value: $129,200
- Value lost in impacted properties (2005-17): $165,956,129
- Percentage of homes underwater by 2100: 87.1%
Avalon has the lowest median home value of any city on the list, although it has increased from $80,900 in 2009 and $96,000 in 2017. It is expected to have almost 90% of homes underwater by 2100.
23. Hallandale, Florida
- Current median home value: $213,700
- Value lost in impacted properties (2005-17): $10,415,020
- Percentage of homes underwater by 2100: 78.6%
Hallandale has a relatively low median home value, but a large number of properties that are in jeopardy. In fact, the town is expected to have around 17,600 homes underwater by 2100, with a total value of $4.4 billion.
22. Margate City, New Jersey
- Current median home value: $474,300
- Value lost in impacted properties (2005-17): $109,480,616
- Percentage of homes underwater by 2100: 89%
Margate City homes have yet to recover the value they’ve lost since 2009. The median value at that time was $493,700, and then it dipped to $437,400 in 2017. By 2100, over 5,800 homes are expected to be underwater.
21. Kiawah Island, South Carolina
- Current median home value: $942,500
- Value lost in impacted properties (2005-17): $90,490,822
- Percentage of homes underwater by 2100: 93.8%
With 10 miles of beachfront, it’s not surprising that Kiawah Island has the third-highest percentage of homes projected to by underwater by 2100. The resort town also had the second-highest median home value in 2009 at $1,138,400. Its current median home value is in fourth place at $942,500.
28. Wildwood, New Jersey
- Current median home value: $381,900
- Value lost in impacted properties (2005-17): $77,544,297
- Percentage of homes underwater by 2100: 99.8%
Wildwood is a beach resort town, with 5 miles of beaches and a boardwalk chock-full of entertainment, dining and shopping. Unfortunately, this summer paradise is expected to have very nearly all of its homes underwater by 2100.
27. Lavallette, New Jersey
- Current median home value: $586,900
- Value lost in impacted properties (2005-17): $81,887,215
- Percentage of homes underwater by 2100: 82.9%
Lavallette enjoyed a median home price of $652,800 in 2009. Hurricane Sandy hit in 2012, and by 2017, the median price had recovered to $508,900, but it remains lower today than it was prior to that storm. By 2100, eight in 10 homes will be underwater, representing a total value of $3.5 billion.
26. Sanibel, Florida
- Current median home value: $779,500
- Value lost in impacted properties (2005-17): $55,567,577
- Percentage of homes underwater by 2100: 84.5%
- Sanibel has one of the highest median home values of any Florida town on this list, so it stands to lose significant value as erosion continues. Over 6,000 homes are expected to be underwater by 2100, representing over $5 billion in value.
Also on the list with smaller rates of total inundation are New York, Miami, Boston, Saint Petersburg, and Charleston.
Real estate, and insurance markets are starting to reflect the detrimental effects of climate change and Sea Level Rise. We can count on this trend to accelerate.