Nearly Two-Thirds of Homebuyers Are Hesitant to Move to Housing Markets Hit by Extreme Weather
Nearly two-thirds of all Americans planning to buy or sell a home in the next year are reluctant to move to an area prone to extreme weather emergencies like natural disasters, record temperatures, and rising sea levels, Redfin reports. While the majority of all demographics surveyed expressed hesitation about moving to at-risk regions, Gen Z respondents were the least likely to relocate to risky areas, while 52% of Baby Boomers were hesitant to move to extreme weather zones.
Despite a collective uncertainty about the longevity of housing markets with major climate risk, coastal metros like Cape Coral, North Port, and Tampa are among the nation’s most popular migration destinations due to their relatively affordable homes and outdoor recreation.
“One of the main questions I get from buyers is, ‘Where can I move that’s close to the beach but not in a flood zone?’ The answer is nowhere. If you’re not in a flood zone this year, you may be in a couple of years from now,” said Isabel Arias-Squires, a Redfin real estate agent in Fort Myers, which was among the areas hardest hit by Hurricane Ian. “This is Florida—hurricanes and flooding come with the territory. Homebuyers should always purchase flood insurance and invest in impact windows if they can.”