As our planet continues to experience the impacts of climate change, one of the most severe threats brought about by these changes is the continual rise of sea levels. Sea level rise means coastal homeowners face an uncertain future, with their property values threatened. In the southeastern United States, coastal communities are particularly vulnerable and already facing the consequences of sea-level rise.
In recent decades, sea levels have been consistently rising and causing property values in coastal cities and towns to decline significantly. According to a 2018 report by the Union of Concerned Scientists, coastal property in the U.S. facing six feet of coastal flooding could lose $882 billion in market value over the next 50 years. For those living in low-lying coastal areas, the impacts are already visible.
The property value of homes in places like Miami and Charleston have already experienced these decreases. In a bid to protect homeowners, many cities and towns are engaging in proactive interventions to mitigate the effects of rising sea levels. These include constructing seawalls, wetland restoration, and increasing building regulations for coastal construction.
The Impact of Sea-Level Rise on Real Estate Markets in the Southeast
The effects of sea level rise on property values are particularly evident in the southeastern United States. As coastal areas are more at risk, real estate markets in these areas are feeling the economic effects of the rise in sea levels. This means fewer buyers are willing to purchase coastal properties, as they understand the risks of buying them.
The fears associated with rising sea levels have resulted in decreased demand and correspondingly decreased property values. In the wake of the Great Recession and Hurricanes Katrina and Sandy, coastal property prices dropped significantly and have not recovered. Lower demand has contributed to lower sales volume and lower prices.
Seawalls and Other Mitigation Plans
The potential impacts of sea-level rise on coastal areas have resulted in proactive efforts to protect against flooding and coastal erosion. To mitigate the effects of sea-level rise, many cities and towns along the southeastern coast are constructing seawalls. Other mitigation proposals include restoring wetlands and increasing regulations on construction of new buildings.
These interventions are intended to protect existing homes from flooding and provide a buffer against rising sea levels. However, they cannot fully prevent flooding and protect homeowners from the economic effects of sea-level rise. The cost of these measures can also be prohibitive for many coastal homeowners, so cities and towns are facing the challenge of finding ways to make these interventions available to as many property owners as possible.
Additionally, as sea levels continue to rise, these existing interventions may not be sufficient to mitigate the long-term economic impacts on homeowners. In some cases, cities have even resorted to evicting vulnerable residents to fend off the threat of sea-level rise.
Protecting Homeowners from Further Loss
- Government buyouts of vulnerable waterfront properties
- Increased regulations for coastal construction
- Federally funded grants to assist with seawall construction
- Support for Coastal Restoration
- Increased public awareness of the risks of sea-level rise
Ultimately, sea-level rise is an uncertain and difficult problem with no easy solutions. As coastal communities in the southeast look for ways to protect their properties from the impacts of rising sea levels, they must address short-term solutions like seawalls and long-term strategies like relocating vulnerable populations. To build more resilient communities, we must recognize the risks posed by rising sea-levels and make the necessary interventions to protect our coastal homeowners.