{"id":75171,"date":"2022-10-07T05:00:35","date_gmt":"2022-10-07T12:00:35","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75171"},"modified":"2022-10-05T16:02:45","modified_gmt":"2022-10-05T23:02:45","slug":"homes-climate-change-migration-survey-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homes-climate-change-migration-survey-2022\/","title":{"rendered":"Nearly Two-Thirds of Homebuyers and Sellers Are Hesitant to Move Somewhere With Climate Risk: Survey"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><strong><i>62% of people who plan to buy or sell a home in the next year are reluctant to relocate to a place <\/i><i>at risk of natural disasters, extreme temperatures and\/or rising sea levels.<\/i><\/strong><\/h5>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><strong><i>40% of buyers and sellers say climate risk played a role in their decision to move.<\/i><\/strong><\/h5>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><strong><i>Still, disaster-prone areas including Florida have been attracting scores of homebuyers because they\u2019re often relatively affordable and\/or offer access to sunshine and nature.<\/i><\/strong><\/h5>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><strong><i>Younger generations, high-earners and Democrats are most likely to consider climate risks when thinking about relocating.<\/i><\/strong><\/h5>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Nearly two-thirds (62%) of U.S. residents who plan to buy or sell a home in the next year are hesitant to move to an area at risk of natural disasters, extreme temperatures and\/or rising sea levels. The share is even higher among younger generations, high-earners, Democrats and people living in the Northeast.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a survey commissioned by Redfin in August 2022 of roughly 1,000 respondents who said they intend to buy or sell a home in the following 12 months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-75172\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-1-832x1024.png\" alt=\"\" width=\"832\" height=\"1024\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-1-832x1024.png 832w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-1-244x300.png 244w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-1-768x946.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-1-1248x1536.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-1.png 1250w\" sizes=\"(max-width: 832px) 100vw, 832px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly three-quarters (71%) of Gen Z respondents said they would be hesitant to move somewhere at risk of natural disasters, extreme temperatures and\/or rising sea levels. That compares with just over half (52%) of Baby Boomers. When it comes to political preference 69% of respondents who identified as Democrat said they would be hesitant, compared with 58% of Republican respondents. Respondents in the Northeast were most likely to express hesitance, at 68%. That compares with 59% of respondents in the South.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the lion\u2019s share of respondents expressed skepticism about moving to risky areas, these areas have seen <\/span><a href=\"https:\/\/www.redfin.com\/news\/climate-migration-real-estate-2021\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">more people<\/span><\/a><span style=\"font-weight: 400;\"> move in than out in recent years. That\u2019s partly because they often offer relatively affordable homes and\/or access to warm weather and the outdoors. <a href=\"https:\/\/www.redfin.com\/city\/2654\/FL\/Cape-Coral\" target=\"_blank\" rel=\"noopener\">Cape Coral<\/a>, <a href=\"https:\/\/www.redfin.com\/city\/12742\/FL\/North-Port\" target=\"_blank\" rel=\"noopener\">North Port<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\" target=\"_blank\" rel=\"noopener\">Tampa<\/a>\u2014three Florida metros impacted by Hurricane Ian\u2014consistently rank on <\/span><a href=\"https:\/\/www.redfin.com\/news\/august-2022-housing-migration-trends\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin\u2019s list<\/span><\/a><span style=\"font-weight: 400;\"> of top migration destinations, which is based on how many more Redfin.com users are looking to move in than leave.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201c<\/span><span style=\"font-weight: 400;\">One of the main questions I get from buyers is, &#8216;Where can I move that\u2019s close to the beach but not in a flood zone?\u2019 The answer is nowhere. If you\u2019re not in a flood zone this year, you may be in a couple of years from now,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/isabel-ariassquires\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Isabel Arias-Squires<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in <a href=\"https:\/\/www.redfin.com\/city\/6208\/FL\/Fort-Myers\" target=\"_blank\" rel=\"noopener\">Fort Myers<\/a>, which was among the areas hardest hit by Hurricane Ian. \u201cThis is Florida\u2014hurricanes and flooding come with the territory. Homebuyers should always purchase flood insurance and invest in impact windows if they can.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Arias-Squires is working with one out-of-state buyer who was under contract to purchase a second home sight-unseen in Cape Coral when Hurricane Ian made landfall in the area late last month. While the home only sustained minor damage, the buyer decided to back out\u2014but then changed their mind because they didn\u2019t want to lose their escrow deposit and realized they could make good money as a landlord.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cDemand for rentals is surging because so many people were displaced by the storm and need a place to live. There\u2019s one home in Cape Coral that\u2019s asking $7,500 a month, which is almost unheard of,\u201d Arias-Squires said. \u201cMy out-of-state buyer plans to rent their new home out for six months and then make it their second home. They\u2019ve still never seen it in person.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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 <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe harsh reality is that most areas face at least some climate risk,\u201d Fairweather said. \u201cHouse 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.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin.com <\/span><a href=\"https:\/\/www.prnewswire.com\/news-releases\/redfin-publishes-data-from-climatecheck-to-help-consumers-understand-the-risk-for-fire-heat-drought-and-storms-over-a-30-year-mortgage-301346236.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">publishes<\/span><\/a><span style=\"font-weight: 400;\"> climate-risk data for nearly every U.S. home, with the exception of rentals, to help house hunters make more informed decisions.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2 in 5 Buyers and Sellers Say Climate Risk Was a Factor in Decision to Relocate<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">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.<img decoding=\"async\" class=\"alignnone size-large wp-image-75173\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-2-831x1024.png\" alt=\"\" width=\"831\" height=\"1024\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-2-831x1024.png 831w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-2-243x300.png 243w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-2-768x947.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-2-1246x1536.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-2.png 1250w\" sizes=\"(max-width: 831px) 100vw, 831px\" \/> <\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAffluent Americans have the means to move away from areas endangered by climate change, while lower-income Americans often can\u2019t afford to make that a priority,\u201d Fairweather said. \u201cThe 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 <\/span><a href=\"https:\/\/www.unep.org\/news-and-stories\/story\/5-ways-make-buildings-climate-change-resilient\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">resilient<\/span><\/a><span style=\"font-weight: 400;\"> if relocating isn\u2019t an option. Of course, that comes with costs as well.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Two-Thirds of Buyers and Sellers Say Climate Change Impacted Their Home Search<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Two-thirds (66%) of respondents who plan to buy or sell a home in the next year said climate change has impacted their home search in at least one way. The most common explanations were that climate change caused respondents to limit their search to homes that include certain features (17%) and that it impacted their homebuying budget (17%). Meanwhile, 15% of buyers and sellers said climate change caused them to search in a different part of their area. The same share said it changed their search timeline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone size-large wp-image-75174\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-3-1024x829.png\" alt=\"\" width=\"1024\" height=\"829\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-3-1024x829.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-3-300x243.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-3-768x621.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/10\/climate-survey-1-chart-3.png 1300w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>62% of people who plan to buy or sell a home in the next year are reluctant to relocate to a place at risk of natural disasters, extreme temperatures and\/or rising sea levels. 40% of buyers and sellers say climate risk played a role in their decision to move. Still, disaster-prone areas including Florida have [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":75175,"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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