Sea level rise has cost Texas homeowners $76.4 million in potential property value, with Galveston hit the hardest, a new study released Tuesday found.
First Street Foundation and Columbia University analysts examined about 3 million coastal properties in Texas. Using a combination of real estate transactions and tidal flooding exposure, they found that from 2005 to 2017, homes in Galveston lost $9.1 million in potential value, followed by Jamaica Beach (which lost $8.6. million) and the Bolivar Peninsula ($8.1 million). It’s not necessarily that these coastal homes decreased in value by these amounts, the authors say, but that they didn’t appreciate as much as similar homes not exposed to tidal flooding. Researchers factored in square footage, proximity to amenities and economic trends like the 2008 housing recession.
First Street Foundation analyzed 18 coastal states from Maine to Texas, calculating a total $15.9 billion loss due to tidal flooding driven by sea level rise. The New York-based nonprofit studies the impacts of sea level rise and flooding. The report was released as the nation on Monday observed Earth Day.
“Sea level rise is not creeping up at the same rate, it’s accelerating,” said Jeremy Porter, a Columbia University professor and First Street Foundation statistical consultant. “This is an early indicator of what’s to come and the loss is already in the billions of dollars.”
Sea level off the coast of Texas is up to 18 inches higher than it was in 1950, and it’s accelerating, according to the National Oceanic and Atmospheric Administration.
For Texas, depending on the location, sea level rises 2 to 7 millimeters per year, said John Nielsen-Gammon, state climatologist at Texas A&M University. This is mostly due to sinking land as a result of the pumping of large volumes of groundwater and oil and gas, he said.
And the expectation is that global sea level rise will continue to increase, he said. “It’s not at all clear at this point by how much because we don’t have a lot of experience with ice shells collapsing, but the range is anywhere from continued 3 to 5 millimeters per year up to total sea level rise of 1 to 2 meters by the year 2100.”
Sure is a good thing global warming is a hoax, isn’t it? You can see the study details here. And you might consider buying your next house on higher ground.