PORTSMOUTH Va. (WAVY) — As sea levels rise, Virginia and North Carolina property values go do down, according to a new study from the Union of Concerned Scientists.
The study found hundreds of thousands of homes are at risk of chronic flooding in the coming decades.
It goes on to say by the year 2045 more than 9,000 homes in Virginia will be affected by flooding and approximately 537 in Virginia Beach.
According to the study, in the state of North Carolina, more than 15,000 homes are at risk of being what they call “chronically inundated.” The study found high tides are rising higher and high-tide floods are happening more often.
However, researchers say property values in most coastal real estate markets don’t reflect this risk and most homeowners, communities,and investors are not aware of the financial losses they may soon face.
The study finds that Florida will see the most impacts.
You can read the full study here: https://www.ucsusa.org/sites/default/files/attach/2018/06/underwater-analysis-full-report.pdf