Research from Redfin shows that, during the five years from 2016 through 2020, migration into the country’s 50 counties with the largest percentage of highest fire and flood risk for homes has increased by an average of 3% and 1.9% respectively. In addition, Forbes reports, during the past two years, the purchase of second homes with high flood, storm, and/or heat risk increased roughly 40%. Climate change is becoming an issue for many Americans; according to a Redfin survey, 63% of movers during the pandemic believe their current location will be affected by climate change.
“From devastating floods in Kentucky and Missouri to deadly fires in California and brutal heat waves across the U.S., it’s clear that natural disasters are intensifying,” said Redfin chief economist Daryl Fairweather. “Still, people are moving into risky areas. When people decide where to live, they consider a whole host of things ahead of climate change, which has potential implications on their safety, home stability and finances.”
Advertisement
Related Stories
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders
Market Data + Trends
January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market
A drop in mortgage rates from recent peaks nudged more homebuyers and sellers into the market, signaling the start of greater supply and demand