Ocean City Hurt By Sea Rise More Than Anybody: Report

Ocean City property values face the biggest financial hit from sea-level rise on the eastern seaboard, according to a study released Wednesday. Ocean City properties eroded $530 million in value, surpassing even Miami Beach, the study 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 $530,439,399 loss for Ocean City. Miami Beach ranks second at approximately $337 million. Several other New Jersey towns comprise the top 20, including North Beach Haven, 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.

The research cites a home on Haven Avenue in Ocean City with a $138,100 loss in as an example of relative loss in property value. 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.

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.