• CMG MORTGAGE, INC. NMLS #1820

Rising Sea Levels Threaten Coastal Properties

  • October 25, 2017

This year’s particularly active hurricane season brought to light the issues with coastal communities.  Coastal dwelling is not just limited to luxury homeowners.  Many homes along the coasts of the Southeastern United States, and along coastlines across the country, fall into the median or low-cost price ranges.  However, rising sea levels threaten many coastal and even inland properties. 

According to a recent report by Zillow, many of these homes are in danger of flooding.  The report states that a six-foot rise in sea levels has the potential to endanger 1.9 million homes, a $916 billion value of US residential real estate.  Zillow chief economist Svenja Gudell explained, “homes in low-lying areas are more susceptible to storm flooding and these risks could be realized on a much shorter timeline as we have seen time and time again.”

Hurricane and storm-related damage is not limited to homes directly beside coasts. For example, many of the homes submerged by Hurricane Harvey floodwaters were further inland, far drives from the coastline.  This flooding was due in part to storm surges filling rivers and reservoirs over capacity.  

Among the top ten metros at the greatest risk of rising floodwaters are five cities across the state of Florida plus Boston, MA, Upper Township, NJ, Salisbury MD, New York, NY, and Virginia Beach, VA.  Many of these at-risk cities are already investing in defense systems like flood walls to combat against rising tides.  For example, Miami Beach, FL has implemented a massive pump system and lower Manhattan is surrounded by a 10-foot steel and concrete wall. 

  

Sources: CNBC, Zillow

Cindy MacDonell
Senior Loan Officer
NMLS # 316198
Branch NMLS # 1270689

Cindy MacDonell

PHONE: (707) 781-8185
cmacdonell@cmgfi.com

APPLY NOW
© 2016 CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender, licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; Loans made or arranged pursuant to a California Finance Lenders Law license No. 6053674. Offer of credit is subject to credit approval. For State specific licensing, visit www.cmgfi.com/licensing.php. To verify our state licenses, please visit www.nmlsconsumeraccess.com. This site is not intended to serve as a business solicitation for residents in the state of Massachusetts and New York.