It might be time to move inland
An analysis conducted by Zillow suggests that if the oceans continue to rise as predicted over the next 84 years, more than 934,000 homes along Florida’s coastlines will be washed away. Scientists expect sea levels to rise by six feet over the next century, and while that may not sound monumental from a distance, one in eight Florida homes would be impacted. To put that into financial terms, Zillow says that represents a $412.6 billion loss in value by 2100.
The real estate database company came to that number after analyzing research published in the scientific journal Nature and considering that the average value of Florida’s most threatened homes is about $263,000. And while most coastal areas in the U.S. should be concerned about rising sea levels, Zillow says Florida hosts more than half of the homes predicted to be lost nationwide.
Zillow’s chief economist Svenja Gudell issued a warning, saying, “As we move through this century, homeowners will have to consider another factor when it comes to their homes--whether rising sea levels have any impact on them.” She added, “It's easy to think about how the ocean levels can affect the coasts in an abstract sense, but this analysis shows the real impact it will have on nearly two million homeowners--and most likely more by the time we reach 2100--who could lose their homes.”
So, what practical advice can we gain from these findings? If you currently live by a threatened coastline and are able to move further inland, you might want to consider your options sooner rather than later. Oh, and it might be a good idea to help combat climate change, the force behind rising sea levels. Citylab has some nifty ideas for refreezing Antarctica while South Florida Business Journal has some infrastructure solutions. However hard we’ll have to work slow the damaging effects of climate change, it’s certainly better than the alternative.