The vast majority of homeowners are now considering climate disaster risks when they buy a new house, but many are still willing to accept those risks.
Key Takeaways
- In a Zillow survey, 83% of prospective homebuyers said they considered at least one climate risk when choosing where to shop for a new home.
- More buyers were considering moving to a riskier place rather than a less risky one, echoing other research that showed more people are moving into flood and fire-prone areas.
- Climate change is worsening the frequency and severity of natural disasters, according to scientific studies.
Among would-be homebuyers, 83% considered at least one climate risk when determining where to shop for a home, according to a Zillow survey published Tuesday. The real estate listing and data site surveyed 12,000 potential homebuyers in April and July.
While many listed climate change as a deciding factor, only 23% said they were considering moving to an area with less climate risk. Another 27% said they were considering an area with more climate risk.
The risks of owning a home in a disaster-prone area were highlighted in recent weeks when wildfires destroyed the town of Lahaina on Maui in Hawaii, and Hurricane Idalia cut a swath through Florida, North Carolina, and states in between. Idalia caused what Moody’s Analytics estimated could be as much as $20 billion in damage, while insurance losses from the wildfire are expected to top $3.2 billion.
Climate change from greenhouse gasses caused by human activities is increasing the frequency and severity of such disasters, and is contributing to rising sea levels, scientific studies have shown.
In Zillow’s survey, younger buyers paid more attention to these factors than older ones, with 86% of those aged 29-43 considering climate risks, compared with 70% among shoppers 59 and older.
"Climate risks impact where most prospective buyers shop for a home," said Manny Garcia, Zillow’s senior population scientist, in a statement. "While all generations juggle trade-offs like budget, floor plans and commute times, younger home shoppers are more likely to face another consideration: They want to know if their home will be safe from rising waters, extreme temperatures and wildfires."
The finding that more shoppers were considering at-risk areas echoes an analysis earlier this summer by Redfin, which found that 384,000 more people moved into flood-prone areas than out of them in 2021 and 2022, and 446,000 more moved into fire-prone locations.