A recent survey suggests that most prospective homebuyers are weighing climate and weather-related risks when house hunting.
The Seattle-based real estate company Zillow published the results of a survey last month conducted among nearly 12,000 people. It demonstrated that more than 4 out of 5 house hunters in the United States are concerned with risks like floods, wildfires, severe heat, and hurricanes.
Such concerns were more prevalent among younger generations, with the average homebuyer’s age sitting at 39 years old.
“Climate risks impact where most prospective buyers shop for a home,” explained Manny Garcia, a senior population scientist at Zillow. “While all generations juggle trade-offs like budget, floor plans, and commute times, younger home shoppers are more likely to face another consideration: [they] want to know if their home will be safe from rising waters, extreme temperatures, and wildfires.”
While 70% of those questioned by Zillow aged 59 and over considered at least one climate risk when buying a home, flooding was the chief concern. Meanwhile, those under 44 — Millennials and Gen Zers, who constitute 54% of the home-buying market — were more troubled by wildfires and extreme temperatures.
The survey also yielded some regional differences.
The West Coast, spanning from Washington to California, observed the highest number of buyers whose choices were influenced by climate hazards. Of those surveyed, 90% said they considered at least one climate risk, and 59% said it impacted their home-buying decisions. Results from the Northeast followed that trend closely, with 85% and 50% answering the same, respectively.
However, the same concerns were not felt as strongly in the Midwest and the South, with 77% and 79% acknowledging to have considered climate risks and 42% and 43% saying it was impactful, respectively.
Despite climate and weather-related risks being taken into consideration, few of Zillow’s respondents were spurred to act differently as a result.
“While climate risk is affecting attitudes, it isn’t to the point where majorities of buyers are considering a move to a region they consider less risky,” Zillow explained in a press release.
Around half indicated a preference for areas with comparable climate threats. Only a fraction, 23%, were inclined toward sites with fewer climate dangers, while over 25% even contemplated places with elevated risks.
Some studies have suggested extreme weather events will likely worsen in the coming years.
As previously reported by The Dallas Express, one such study from First Street Foundation, a Brooklyn-based nonprofit, found that the country will experience increasingly severe tropical cyclone winds and risk damage to buildings and infrastructure. Moreover, hurricanes are expected to move further inland, affecting states such as Tennessee, Kentucky, and Illinois.
However, affordability remains at the forefront of potential homebuyers’ minds nowadays, with Zillow noting that first-time homebuyers frequently “tend to accept what they can afford.”
As recently reported by The Dallas Express, home prices have soared alongside interest rates, forcing many potential homebuyers to delay their purchases. Nonetheless, the market has shown signs of cooling off, with approximately 9.2% of U.S. home listings logging a price reduction in the week ending on September 16.
