Extreme Weather Is Driving Residents Out of Flood-Prone Regions
Regardless of the risk, homebuyers have historically flocked to flood-prone regions of the U.S. for their affordable prices and lifestyle amenities. However, recent data from real estate marketing platform Redfin show that these regions are losing more residents than they have been gaining for the first time since 2019.
Areas at high risk of flooding lost 29,027 more residents than they gained last year, with Miami and Houston accounting for much of the loss. At the same time, low-flood-risk counties saw 35,941 more people move in than out in the last year.
Which areas are losing the most residents?
Coastal metros in states such as Florida, Texas, New York, and Louisiana are seeing the highest outflow of residents. In Miami-Dade County—where more than one-third of homes face high flood risk—67,418 more people moved out than in. Additionally, Harris County, Texas, where Houston is located, saw a net outflow of 31,165 residents, and Kings County, N.Y., home to Brooklyn, saw a net outflow of 28,158 residents.
Still, some at-risk counties are seeing more people move in than out
While 132 of the 310 high-flood-risk counties analyzed by Redfin saw more people move out than in last year, 178 high-risk counties experienced a higher inflow of residents.
Many of the high-risk counties that saw net inflows are in Texas or Florida. For instance, St. Johns County, Fla., near Jacksonville, saw 11,661 more people move in than out last year, and Fort Bend County, Texas, near Houston, saw a net inflow of 10,467 residents.
High insurance costs could also be driving residents out
- States Where Home Insurance Costs Hinder Affordability: Some of the states that are at the highest risk of flooding are also seeing the highest home insurance rates.
- Home Insurance Costs Soar by 40% in 6 Years: Since 2019, home insurance costs have increased by 40%.