Properties along Maine's coast have lost nearly $70 million in appreciated value since 2005 because of repeated tidal flooding due to sea level rise. That's according to new research from data scientists at Columbia University and the nonprofit First Street Foundation.
Executive Director Matthew Eby says the team looked at the home values of millions of properties across 14 states, with a particular focus on homes that saw frequent floods. Eby says those properties' home values rose far less since 2005, compared to other homes that weren't affected.
“And, really, a lot of it has to do with neighborhoods being branded in a certain way, or known as flooding neighborhoods,” he says. “Because of that continuous flooding that tends to happen in those certain spots."
Eby says the team has created an online tool, called FloodiQ, to let homeowners to see the risks of that flooding on individual towns and properties.
"It's a free resource that we hopes everyone uses, and can really, truly look at their individual home or city as a whole, and make the best decision to strengthen or prevent flooding in the future," he says.
In total, the researchers found that the flooding cost homeowners more than $400 million in appreciated value across New England. Massachusetts was hit hardest, followed by Maine and Rhode Island.