{"id":73704,"date":"2022-01-19T05:00:28","date_gmt":"2022-01-19T13:00:28","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=73704"},"modified":"2022-01-18T15:18:46","modified_gmt":"2022-01-18T23:18:46","slug":"homebuyer-survey-climate-change","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homebuyer-survey-climate-change\/","title":{"rendered":"1 in 10 Homebuyers &#038; Sellers Say Climate Risk is Main Reason For Move: Redfin Survey"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">About half of homebuyers and sellers cite climate-related risks as at least one reason for their move.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Roughly half have spent at least $1,000 to protect their homes against risks related to climate change, like wildfires and flooding.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">One in 10 homebuyers and sellers say climate-related risks\u2014hurricanes, flooding, wildfires, extreme temperatures and\/or rising sea levels\u2014are the primary reason for their move, and 39% say they\u2019re a contributing factor.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin-commissioned survey of 1,500 U.S. residents who are planning to buy or sell a home in the next 12 months. The survey was fielded by research technology company Lucid from December 10 to 13, 2021.\u00a0\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-73708 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/climate-risks-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/climate-risks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/climate-risks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/climate-risks-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/climate-risks.png 1201w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAs natural disasters become more unavoidable, climate change is top of mind for homeowners in a way it wasn\u2019t 10 years ago or even two years ago,\u201d said Redfin Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cMoving to homes in neighborhoods with lower risk and away from places with higher risk is a trend that will pick up speed in the next decade as people feel the impact of disasters like fires, floods and extreme heat both financially and emotionally. It\u2019s expensive to protect your home or to fix water or fire damage, and many homeowners in high-risk areas like parts of California and coastal Texas are exhausted from worrying about the next wildfire or hurricane.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Natural disasters and other weather-related events like extreme heat and cold have <\/span><a href=\"https:\/\/unfccc.int\/news\/climate-change-leads-to-more-extreme-weather-but-early-warnings-save-lives\"><span style=\"font-weight: 400;\">steadily increased<\/span><\/a><span style=\"font-weight: 400;\"> over the last several decades, and <\/span><a href=\"https:\/\/www.washingtonpost.com\/nation\/interactive\/2021\/weather-disasters-2021\/\"><span style=\"font-weight: 400;\">2021 was no exception<\/span><\/a><span style=\"font-weight: 400;\">. The national focus on climate change and natural disasters has made it difficult for many homebuyers and homeowners to ignore the risks associated with certain areas.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Still, affordability can outweigh climate risks for people who are relocating. U.S. counties that are prone to natural disasters gained residents from 2016 to 2020, while counties with relatively low risk lost residents, according to an <\/span><a href=\"https:\/\/www.redfin.com\/news\/climate-migration-real-estate-2021\/\"><span style=\"font-weight: 400;\">August Redfin analysis<\/span><\/a><span style=\"font-weight: 400;\">. That\u2019s in part because many places with high climate risk are relatively affordable, with lower property taxes and more housing options.\u00a0<\/span><\/p>\n<h4>Move-up homebuyers are more likely to factor in climate risks<\/h4>\n<p><span style=\"font-weight: 400;\">When the responses are divided between first-time homebuyers (people who are only buying a home) and move-up buyers (people who are selling a home and buying a new one), move-up buyers are twice as likely to cite climate risks as the primary reason for their move.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-73709 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/moveup-homebuyers-1-1024x768.png\" alt=\"\" width=\"1024\" height=\"768\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/moveup-homebuyers-1-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/moveup-homebuyers-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/moveup-homebuyers-1-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/moveup-homebuyers-1.png 1201w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt only takes one flooded basement or leaky roof for a homeowner to realize they never want to deal with that again,\u201d Fairweather said. \u201cPeople don\u2019t realize how costly it is to maintain a home, especially one that\u2019s located in an area prone to natural disasters, until they experience it for themselves. Homeowners are more likely to factor those high costs into their moving decisions. First-time buyers should look out for costly projects like leaky roofs before purchasing a home, and they should also look for climate-friendly improvements that will provide a good return on investment, like swapping out grass for drought-tolerant landscaping.\u201d\u00a0\u00a0<\/span><\/p>\n<h4>The majority of homebuyers and sellers have spent at least $1,000 to protect their home against natural disasters<\/h4>\n<p><span style=\"font-weight: 400;\">More than half (52%) of respondents have invested money to make their home more resilient to climate risks and natural disasters including hurricanes, tornadoes, flooding, rising sea levels, extreme temperatures, wildfires, droughts and\/or earthquakes.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-73707 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/money-invested-1024x767.png\" alt=\"\" width=\"1024\" height=\"767\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/money-invested-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/money-invested-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/money-invested-768x576.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/01\/money-invested.png 1201w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Seventeen percent of respondents have invested between $5,000 and $10,000 to protect their homes, and another 16% have invested between $10,000 and $20,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Local governments are also grappling with <\/span><a href=\"https:\/\/www.downtoearth.org.in\/news\/climate-change\/our-cities-need-big-funds-to-fight-climate-risks-world-bank-77777\"><span style=\"font-weight: 400;\">rising expenses<\/span><\/a><span style=\"font-weight: 400;\"> due to climate change, Fairweather said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAs more homes get damaged by natural disasters, it\u2019s becoming increasingly important for municipalities to invest in protecting against climate change,\u201d she said. \u201cCities will need to reevaluate their zoning guidelines and build more housing in non-disaster-prone areas.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>About half of homebuyers and sellers cite climate-related risks as at least one reason for their move.\u00a0 Roughly half have spent at least $1,000 to protect their homes against risks related to climate change, like wildfires and flooding.\u00a0 One in 10 homebuyers and sellers say climate-related risks\u2014hurricanes, flooding, wildfires, extreme temperatures and\/or rising sea levels\u2014are [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":73705,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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