8 Jersey Shore Towns Face Big Financial Hit Due To Sea-Level Rise

Eight New Jersey communities are among the towns that face the biggest financial hit from sea-level rise on the Eastern Seaboard, according to a study released this week. And one town has it worse than anybody.

Indeed, Ocean City properties have been hurt more than anybody along the Eastern Seaboard, where values have eroded $530 million in value –surpassing even Miami Beach, the study says. Read more: Ocean City Hurt By Sea Rise More Than Anybody: Report

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

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 (Long Beach Township) ($216,899,215 loss)
• Sea Isle City ($208,644,351 loss)
• Atlantic City ($174,748,706 loss)
• Avalon ($165,956,129 loss)
• Brigantine ($158,874,047 loss)
• North Wildwood ($138,435,750 loss)
• Mystic Islands (Little Egg Harbor) ($125,508,045 loss).

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 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.

With reporting by Josh Bakan

You can read the whole report here...