RT Journal Article
SR Electronic
T1 Adaptation, Sea Level Rise, and Property Prices in the Chesapeake Bay Watershed
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 19
OP 34
DO 10.3368/le.95.1.19
VO 95
IS 1
A1 Walsh, Patrick
A1 Griffiths, Charles
A1 Guignet, Dennis
A1 Klemick, Heather
YR 2019
UL http://le.uwpress.org/content/95/1/19.abstract
AB 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. (JEL Q51, Q58)