LBI Property Values Hurt By Sea Level Rise: Report

North Beach Haven property values took among the biggest financial hits from sea-level rise on the Eastern Seaboard, according to a study released Wednesday. North Beach Haven properties eroded $216 million in value, the report says.

The First Street Foundation conducted the study. The organization consists of people working in data science and geographic information systems to define flood risks in America.

The scientists measured "relative" erosion of property values, meaning they estimate the homes would have sold for more if not for shrinking shorelines and flooding.

The study records a $216,899,215 total loss for North Beach Haven, ranking six among towns on the Eastern Seaboard. Several other New Jersey towns comprise the top 20, including Ocean City, Sea Isle City, Atlantic City, Avalon, North Wildwood and Mystic Islands.

First Street Flooding analyzes property values between 2005 and 2017. The organization has composed similar studies in the past, but adding Mid-Atlantic data completes researchers' analysis of the Eastern Seaboard.

Overall, the study says New Jersey property values will lose about $4.52 billion, ranking second among states besides Florida ($5.42 billion). New York ranks third at $1.3 billion.

The study found that although most homes appreciated in value, they did so "at a significantly lower rate than comparable homes unaffected by tidal flooding."