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Population Increases in High Fire and Flood Areas as Homebuyers Move to Get More for Their Money

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Population Increases in High Fire and Flood Areas as Homebuyers Move to Get More for Their Money

More homebuyers are moving into risky areas, causing prices to increase

August 5, 2022
Wooden blocks are leaning toward a small house and a stack of blocks that spell out 'risk'.
Photo: Stock.adobe.com

Research from Redfin shows that, during the five years from 2016 through 2020, migration into the country’s 50 counties with the largest percentage of highest fire and flood risk for homes has increased by an average of 3% and 1.9% respectively. In addition, Forbes reports, during the past two years, the purchase of second homes with high flood, storm, and/or heat risk increased roughly 40%. Climate change is becoming an issue for many Americans; according to a Redfin survey, 63% of movers during the pandemic believe their current location will be affected by climate change.

“From devastating floods in Kentucky and Missouri to deadly fires in California and brutal heat waves across the U.S., it’s clear that natural disasters are intensifying,” said Redfin chief economist Daryl Fairweather. “Still, people are moving into risky areas. When people decide where to live, they consider a whole host of things ahead of climate change, which has potential implications on their safety, home stability and finances.”

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