SOUTH MISSISSIPPI (WLOX) - According to one national study, home values in Mississippi have fallen by more than $263 million due to rising sea levels. The study, conducted by the First Street Foundation, took data from the last 12 years collecting numbers on flooding, local properties, and real estate transactions. They found that from 2005 to last year, home values in Mississippi dropped by $263 million, with the most value loss coming in parts of Hancock County.
The study also says the city impacted by tidal flooding the most is Bay St. Louis. It estimates the property loss there from 2005-2017 is $95.4 million. It also says without the risk of tidal flooding, houses in the Bay would be worth 49 percent more on average than they are now.
Hancock County Emergency Management Director Brian Adam knows every bayou, river, and eddy in his area and says one thing's for sure, there are copious amounts of flood prone areas in the county.
"Our low-lying areas such as Shoreline Park, down on the beach, Herron Bay, those areas, and I haven't named all of them, anytime we get a good southeast wind or a high tide, we have street flooding,” Adam said. “Does it get into our houses? No, that usually only happens whenever we have a major hurricane. Could it potentially effect stuff like that? Absolutely, but I'll let the experts decide that. The only concern we have is the flooding."
While the First Street Foundation study deals with home value loss, some real estate brokers we spoke with say they’re seeing gains with property values, especially in the last year. In fact, they tell us there’s more demand than supply right now, and that most who live on the water say it just comes with the territory.
Want to learn more about your risk for flooding? Check out the interactive tools at FloodiQ.com to see what all this scientific data means for your individual parcel of property.