"When we see droughts, we see larger subsidence, we see more extraction of groundwater, we see larger subsidence, and that's a sign for many other problems, like water availability, job availability and so on," said Mehdi Nemati, author and UC Riverside Enviro Economics and Policy assistant professor.
To determine how this sinking is impacting home values, researchers used satellite-based radar data to measure ground-level changes.
Researchers found the average losses ranged between $6,689 to as much as $16,165 per home. They estimated that losses totaled $1.87 billion across the region from 2015 to 2021.
"What we see is in areas that are heavily dependent on agriculture jobs, and these areas also see larger impact of subsidence on housing value, which, again, that means subsidence is a sign of many other things, including labor market," Nemati said. "If you heavily depend on agriculture, that means less jobs and other things, which translates into housing value."
CBS Sacramento asked a realtor in Lodi if they've had any discussions about land subsidence impacting home values in the area.
While realtors say the sinking ground hasn't swallowed up the housing boom just yet, researchers say the concern is there so long as the ground continues to drop.
Nemanti said this issue isn't unique to just California. Desert communities like those in Arizona and Utah are also experiencing significant sinking of the land.
He hopes this study and the methods they used can be utilized by other areas in the U.S. and around the world.
Hence then, the article about sinking land is driving down home values in california s central valley study shows was published today ( ) and is available on CBS sacramento ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Sinking land is driving down home values in California's Central Valley, study shows )
Also on site :
- Anycubic Opens Deposits for Kobra X, Following Formnext Debut of Its Next-Generation Entry-Level Multicolor FDM Printer
- Outsiders see a circular economy. CoreWeave’s CEO sees a ‘violent change’ rattling the supply chain down to the inside of the earth
- As millions of Gen Zers face unemployment, CEOs of Amazon, Walmart, and McDonald’s say opportunity is still there—if you have the right mindset