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Adaptation, Sea Level Rise, and Property Prices in the Chesapeake Bay Watershed

Author

Listed:
  • Patrick Walsh
  • Charles Griffiths
  • Dennis Guignet
  • Heather Klemick

Abstract

Coastal communities are facing the dual threat of increasing sea level rise (SLR) and swelling populations, causing challenging policy problems. To help inform policy makers, this paper explores the property price impact of structures that help protect against SLR, using a novel and spatially explicit dataset of coastal features. Results indicate that adaptation structures can have a significant positive impact on waterfront home prices, with the most vulnerable homes seeing the largest impacts. The Chesapeake Bay is facing increasing pressure from SLR, and this is one of the first papers to report that local property markets are incorporating that threat.

Suggested Citation

  • Patrick Walsh & Charles Griffiths & Dennis Guignet & Heather Klemick, 2019. "Adaptation, Sea Level Rise, and Property Prices in the Chesapeake Bay Watershed," Land Economics, University of Wisconsin Press, vol. 95(1), pages 19-34.
    • Handle: RePEc:uwp:landec:v:95:y:2019:i:1:p:19-34
    Note: DOI: 10.3368/le.95.1.19
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    File URL: http://le.uwpress.org/cgi/reprint/95/1/19
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    Cited by:

    1. Olga Filippova & Cuong Nguyen & Ilan Noy & Michael Rehm, 2020. "Who Cares? Future Sea Level Rise and House Prices," Land Economics, University of Wisconsin Press, vol. 96(2), pages 207-224.
    2. Beasley, W. Jason & Dundas, Steven J., 2021. "Hold the line: Modeling private coastal adaptation through shoreline armoring decisions," Journal of Environmental Economics and Management, Elsevier, vol. 105(C).
    3. Hashida, Yukiko & Dundas, Steven J., 2023. "The effects of a voluntary property buyout and acquisition program on coastal housing markets: Evidence from New York," Journal of Environmental Economics and Management, Elsevier, vol. 121(C).
    4. Nori Tarui & Seth Urbanski & Quang Loc Lam & Makena Coffman & Conrad Newfield, 2023. "Sea level rise risk interactions with coastal property values: a case study of O‘ahu, Hawai‘i," Climatic Change, Springer, vol. 176(9), pages 1-21, September.
    5. Marie Lautrup & Lasse Læbo Matthiesen & Jette Bredahl Jacobsen & Toke Emil Panduro, 2023. "Welfare Effects and the Immaterial Costs of Coastal Flooding," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 85(2), pages 415-441, June.
    6. Johnson Ankrah & Ana Monteiro & Helena Madureira, 2023. "Geospatiality of sea level rise impacts and communities’ adaptation: a bibliometric analysis and systematic review," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 116(1), pages 1-31, March.
    7. Bruno, Ellen & Van Dop Sears, Molly & Hanemann, Michael, 2020. "Groundwater Quality and Crop Choice: Implications for the Cost of Seawater Intrusion," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304340, Agricultural and Applied Economics Association.
    8. Parton, Lee C. & Dundas, Steven J., 2020. "Fall in the sea, eventually? A green paradox in climate adaptation for coastal housing markets," Journal of Environmental Economics and Management, Elsevier, vol. 104(C).
    9. Seung Kyum Kim & James K. Hammitt, 2022. "Hurricane risk perceptions and housing market responses: the pricing effects of risk-perception factors and hurricane characteristics," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 114(3), pages 3743-3761, December.
    10. Liu, Xian & Noonan, Douglas, 2022. "Building underwater: Effects of community-scale flood management on housing development," Journal of Housing Economics, Elsevier, vol. 57(C).

    More about this item

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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