A new study from the First Street Foundation and Columbia University says home values are dropping and it is being blamed on water.
In a 12 year period, from 2005 to 2017, home values have dropped about $157 Million and the study said it all has to do with rising sea levels.
“We couldn't pass up the opportunity to live in such a lovely place,” said Dr. Brian Dzwonkowski from the Dauphin Island Sea Lab.
That lovely view is at risk of sinking away.
“Because we're in such a low lying area these small changes could be quite significant and I think that's what the study is showing, is that these small changes are having a big influence on property values,” Dzwonkowski said.
The rising water is creating a drop in property values on Dauphin Island. According to Flood IQ, resale values on properties have dropped nearly $23 Million in the last 12 years as water pushes inland.
Tropical systems is when you see the biggest impact on the island.
“Every time there's a storm we worry about losing sand or losing parts of our deck or parts of our house or anything,” said Cinder Cavia, who lives on Dauphin Island.
According to Flood IQ, within the next 15 years the water is expected to rise on Dauphin Island by about 6.5 inches, which could mean a loss in home values of about $26.5 Million.
“How and where we build is significantly going to be impacted by sea level rise,” Dzwonkowski said.
But even with the certainty of rising water Dr. Dzwonkowski, who lives on Dauphin Island, it's not causing him to leave.
“In our long term plans, we will be planning to raise our house several more feet with the anticipation that storm surge and nuanced flooding is going to become an issue down the line,” he said.
The study says the biggest property value loss is an area of unincorporated Mobile County near the Bay, where homes there have lost about $47 million.
Following that Gulf shores, where they saw a $26 Million drop since 2005.