Climate Change Has Homebuyers Worried But Not Paralyzed

As the country watches sea levels rise, flooding intensify, and fires break out across drought-stricken land, many potential homebuyers are worried about how the effects of climate change may damage their new home. And yet the reality is that more immediate, personal concerns often outweigh climate change as a factor when buyers decide to press go. One-third of respondents to a Redfin survey say that climate change was a major factor in their decision, but the rest were unaffected despite any worries they had. Demographics come into play, with more minorities and younger buyers highly concerned with climate change when buying a home. But as a whole, Americans are willing to risk potential damage from natural disasters to find an affordable home or secure their dream location: A future flood can seem less pressing than a good school district or lower mortgage payment when you're living day by day.  

Despite the increased frequency and intensity of natural disasters caused by climate change, just 33% of consumers said it's a major factor in determining when or where to buy or sell a home, according to Redfin.

Another 40% of those surveyed were somewhat concerned, 17% had very little concern and 10% had none at all.

"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," Daryl Fairweather, Redfin chief economist, said in a press release. "Environmental changes may be factoring into their thought processes, but not yet into their actions."

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