Increased flooding causes a cascade of effects, including higher home insurance and maintenance costs. (MORE: A Risky Combo: Climate Change and the American Dream ) John's on the Atlantic Coast and Monroe County in the Florida Keys. Other counties most at risk are Citrus, Pinellas, Manatee and Lee on the Gulf Coast, St. The McKinsey report singled out nine Florida counties as most at risk for property value declines, including South Florida's Palm Beach, Broward and Miami-Dade. Sea level rise will impact some areas sooner and harder than others. Two thirds of the Sunshine State's nearly 22 million people live in counties that border the coast, and 10% live at an elevation less than 5 feet above sea level. About 30 percent of local government tax revenue comes from property taxes. The state pulls in 22% of its GDP, or $1 trillion, from real estate, according to the report. Warmer ocean waters also contribute to more intense hurricanes, which in turn leads to a higher probability of damaging storm surge.ДЇlorida is especially vulnerable to both the economic and human impacts of climate change. coastal areas now than it was 50 years ago, NOAA says, and is only projected to get worse as sea levels continue to rise, stoked by ocean warming and higher atmospheric temperatures that cause ocean waters to expand and glaciers and ice sheets to melt, according to NOAA. Nuisance flooding is estimated to be between 300 and 900% more frequent in U.S.

The document focuses on impacts from both storm surge and more common tidal flooding, also referred to as 'nuisance' flooding because it happens in the absence of severe weather. (MORE: Sea Level Rise Means Flooding Could Become a Daily Event in Coastal Areas Like Miami, New Study Says ) 'The devaluation could be larger, and potentially result in an absolute decline in the value of homes relative to their prices today, for example, if flooding regularly affects public infrastructure or if homeowners more aggressively factor climate risk into their buying decisions,' the report notes. The institute projected property value declines of between $10 and $30 billion by 2030 and $30 to $80 billion by 2050, the timetable of a 30-year mortgage signed today. 'While the Florida residential real estate market remains robust today, climate risk poses a potential threat to asset prices,' the 29-page report says. Coastal flooding in Florida fueled by climate change and rising sea levels has already caused overall real estate values to drop by an estimated $5 billion, and that number could rise as high as $80 billion in the next 30 years, according to a new report from the McKinsey Global Institute.

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