Those in the South and Northeast are most concerned says Redfin
Natural disasters are increasing in both frequency and severity and that is becoming a bigger concern for America’s home buyers and sellers.
A new survey from Redfin shows that 73% of respondents said that natural disasters have at least partly influenced where and whether to buy or sell a home. Just 10% said it was not a concern at all.
The firm surveyed buyers and sellers across 29 US and Canadian destinations and found that those in Houston were the most likely to be concerned about climate change (60%) following flooding in recent years. Those in New York City (47%) and Miami (46%) complete the top 3.
"When I meet buyers, one of the first things they tell me is that they don't want to be in a location that floods," said local Redfin agent Ashley Vasquez. "Still, I haven't seen climate change decrease home values. Houston is actually becoming a more expensive city to live in as people migrate here for job opportunities and relative affordability."
Only 23% of respondents in the Midwest said that natural disasters seriously impact their real estate decisions, the lowest share of any geographic area, compared to about 35% of people in both the Northeast and the South.
"Climate change is important to house hunters, but when it actually comes time to decide where to buy a home, it's outweighed by other factors that feel more immediate, like affordability and access to jobs," Redfin chief economist Daryl Fairweather. said. "Environmental changes may be factoring into their thought processes, but not yet into their actions."
Among the most concerned respondents were the more affluent, minorities, and those aged under 25.
