Nearly Two-Thirds of Homebuyers and Sellers Are Hesitant to Move Somewhere With Climate Risk

Redfin Survey - Seite 2

“Demand for rentals is surging because so many people were displaced by the storm and need a place to live. There’s one home in Cape Coral that’s asking $7,500 a month, which is almost unheard of,” Arias-Squires said. “My out-of-state buyer plans to rent their new home out for six months and then make it their second home. They’ve still never seen it in person.”

While the places most endangered by natural disasters are still popular with many homebuyers, that could shift as young people who grew up learning about climate change become a larger force in the housing market, said Redfin Chief Economist Daryl Fairweather.

“The harsh reality is that most areas face at least some climate risk,” Fairweather said. “House hunters should do their research to get a sense of where their families and finances will be safest. That might mean avoiding cities that in a decade could be underwater or have no water at all.”

Redfin.com publishes climate-risk data for nearly every U.S. home, with the exception of rentals, to help house hunters make more informed decisions.

2 in 5 Buyers and Sellers Say Climate Risk Was a Factor in Decision to Relocate

Two in five (40%) respondents who plan to buy or sell a home in the next year said that risk of natural disasters, extreme temperatures and/or rising sea levels played a role in their decision to move. The share was again higher among younger generations, high-earners, Democrats and people living in the Northeast.

More than half of buyers and sellers making at least $100,000 a year said that risk of natural disasters, extreme temperatures and/or rising sea levels played a role in their decision to relocate in the next year. That compares with less than 40% of those making under $100,000.

“Affluent Americans have the means to move away from areas endangered by climate change, while lower-income Americans often can’t afford to make that a priority,” Fairweather said. “The recent surge in housing prices has exacerbated the problem; more house hunters are being forced to prioritize affordability over safety. The good news is people are becoming more educated about climate risks and what they can do to make their existing homes more resilient if relocating isn’t an option. Of course, that comes with costs as well.”