In Pursuit of Affordability, Homebuyers Are Heading to Cities With the Biggest Climate Risks
More than one-quarter (25.4%) of all U.S. house hunters are looking to relocate to a different metro area as affordability constraints push homeownership further out of reach. Along with boasting relatively inexpensive homes, the most popular markets among those searching for homes online were also hotspots for worsening natural disasters.
Cities such as Phoenix, Las Vegas, and Miami are attracting the most interest, but according to Insider, they’re also home to some of the biggest climate risks in the country, from droughts and heat waves to flooding and hurricanes.
"Climate risks haven't yet stopped many homebuyers from moving into areas that don't have enough water, like Phoenix, and places that could eventually be underwater, like coastal Florida," Redfin Chief Economist Daryl Fairweather said.
"That's because even though Sun Belt home prices soared during the pandemic, those metros remain a bargain for people relocating from expensive coastal cities. Arizona's recent limit on new construction isn't likely to deplete inventory enough – or push prices up enough – to change that calculus much in the short term."