rising sea levels
Homes On Nantucket Are Falling Into The Ocean At An Alarming Rate — But The Wealthy Won't Stop Buying
Nantucket is a billionaire holiday hot spot, but erosion is making homes fall into the ocean. That hasn't stopped the wealthy from buying properties.
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The Lede
Erosion, which is typical for most islands, is now increasing in severity, threatening to reshape Nantucket's downtown and wash away the homes sitting on its edge. A lot of real estate value is at stake. Over the past two centuries, Nantucket has gone from a whaling town to a hippie refuge to a holiday hot spot for billionaires. But a changing climate is exacerbating the ever-present threat of erosion, and it's claiming more victims.
Key Details
- In total, sea level rise, coastal flooding, and erosion are estimated to cause over $3.4 billion in cumulative damages to Nantucket over the next five decades.
- But demand for properties has remained sky-high on the idyllic island. Last year's median home sale price was $3.2 million, up from $1.9 million five years prior.
- The island is, as residents like to remind you, nothing more than a sandbar, and erosion was causing destruction long before terms like climate change were part of the common vernacular.
