Housing market dynamics of the post-Sandy Hudson estuary, Long Island Sound, and New Jersey coastline are explained by NFIP participation

Poudel, Sandeep; Caridad, Conner; Elliott, Rebecca; Knighton, James

doi:10.1088/1748-9326/acea38

i

Housing market dynamics of the post-Sandy Hudson estuary, Long Island Sound, and New Jersey coastline are explained by NFIP participation

2023
By Poudel, Sandeep ; Caridad, Conner ; Elliott, Rebecca ; ...

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Journal Title:

Environmental Research Letters
Personal Author:

Poudel, Sandeep ; Caridad, Conner ; Elliott, Rebecca ; Knighton, James
NOAA Program & Office:

OAR (Oceanic and Atmospheric Research)
Description:

How flooding affects home values can determine the path of economic recovery for communities and have lasting impacts on national and global financial systems. Yet, our understanding of how flood insurance, community risk perception, and past flooding events shape future housing prices (HPs) remains limited. To explore this, we used a socio-environmental (SE) model and studied the temporal impacts of flooding on mean housing values across 496 coastal census tracts of New York, Connecticut, and New Jersey, US, from 1970 to 2021. The modeling exercise demonstrated that the initial economic impact of Hurricane Sandy was largely absorbed by the National Flood Insurance Program (NFIP); however, the region then exhibited a long-term decline in home values, which was well described by an interrupted time series model. We found significant correlations between SE model parameters describing HP change and those describing tract-scale behaviors and perceptions, suggesting that the salience of past flooding events and NFIP participation may be important regional drivers of HPs. Tracts with greater post-flood change in active insurance policies exhibited larger decreases in mean home values than those with more stable NFIP participation. An improved understanding of relationships between HPs, flood insurance, and community perceptions could support more equitable distributions of resources and improved policy interventions to reduce flooding risk.
Keywords:

General Environmental Science Public Health, Environmental And Occupational Health Renewable Energy, Sustainability And The Environment Public Health, Environmental And Occupational Health Renewable Energy, Sustainability And The Environment Public Health, Environmental And Occupational Health Renewable Energy, Sustainability And The Environment
Source:

Environmental Research Letters, 18(9), 094009
DOI:

https://doi.org/10.1088/1748-9326/acea38
ISSN:

1748-9326
Format:

PDF
Publisher:

IOP Publishing
Document Type:

Journal Article
Funding:

Grant no. NA22OAR4170093
License:

https://creativecommons.org/licenses/by/4.0/
Rights Information:

CC BY
Compliance:

Library
Main Document Checksum:

urn:sha256:ac35c072dae23fb7fcd83d8039b861f1bbc17a45b4a990e6141182084c0fbcbd
Download URL:

https://repository.library.noaa.gov/view/noaa/58885/noaa_58885_DS1.pdf
File Type:

[PDF - 2.02 MB ]

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