Mississippi River basin flooding
Credit: Temblor.net

Sea-level rise is already hurting home prices in certain communities on the Mississippi Gulf Coast, a new analysis finds, erasing some $264 million in value since 2005.

Scientists from First Street Foundation and Columbia University on Monday revealed Bay St. Louis has seen the greatest property value decline of any community along the Coast, totaling about $95 million. Homes in affected areas of the city would be worth 49 percent more if not for the risk of tidal flooding. Values in Pass Christian and the unincorporated community of Kiln also took big hits.

“Homes that are experiencing tidal flooding are selling for a little lower than homes that are not, and that discount is growing over time,” said Steven McAlpine, head of data science at First Street Foundation, based in New York City.

Homeowners often are unaware of the threat flooding poses to their home’s value, said Matthew Eby, executive director of the foundation. The organization conducts user testing after it generates data for […]