Study: Flooding has cost this Jersey Shore town $5.3B in home value losses

MICHELLE BRUNETTI POST / PRESS OF ATLANTIC CITY – New Jersey has lost $4.5 billion in appreciation of home values since 2005 because of flooding related to sea-level rise, and Ocean City has lost more than any other municipality in eight coastal states, according to a new study by the nonprofit First Street Foundation.

Bayside homes are most affected, and oceanfront properties relatively unscathed, said Jeremy R. Porter, a Columbia University professor and foundation statistical consultant who worked on the study.

But Ocean City spokesman Doug Bergen said the study claims to quantify a loss of historical appreciation in real estate, not a loss in actual value …

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