Homes at higher elevations in Miami are gaining value at a faster clip than those closer to sea level
It's an accelerating trend, and it has residents and real estate agents -- in Miami and other coastal communities -- asking whether "climate gentrification" has arrived.The term, which only recently entered the lexicon, describes the role of climate change in recalibrating land values, a phenomenon that ultimately could displace low-income and minority residents in a similar fashion as urban gentrification
As sea levels rise and flooding persists, the thinking goes in the case of Miami, waterfront property will lose some of its luster and higher-situated neighborhoods like Little Haiti and Little Havana will become more attractive.The professor who was first to publish research using the phrase "climate gentrification" isn't convinced that's the main culprit in Miami
At least not yet
Keenan, a researcher on urban development and climate adaptation at Harvard's Graduate School of Design, tracked the rate of price appreciation since 1971 for more than 250,000 residential properties in Miami-Dade County, and compared those figures to elevation
Keenan found that properties at high elevations have long appreciated faster in Miami, mostly because of nonclimate factors.However, since 2000, the correlation between elevation and price appreciation has grown stronger, which Keenan, in an interview with CBS MoneyWatch, suggested may be "early signaling" of preference for properties at higher elevations and a reaction to persistent nuisance flooding in lower areas.