New research from Zillow shows that more than 4 in 5 potential homebuyers (approximately 80%) consider climate risks when purchasing. Most say their main concern is the risk of flooding, followed by wildfires, extreme temperatures, hurricanes and drought.
“Weather risks impact where most prospective buyers buy a homesaid Manny Garcia, Zillow’s senior population scientist. “While all generations juggle trade-offs like budget, floor plans and commute times, younger homebuyers are more likely to face another consideration: They want to know if their home will be safe from rising prices. waters, extreme temperatures and forest fires”.
According to the study, a clear majority of prospective buyers in every region of the United States consider at least one climate risk when buying a house. People in the West are the most likely to report that climate risk has a very or extremely impactful impact on their housing search, followed by those in the Northeast. On the other hand, a third of buyers in the Midwest and South say climate risks don’t have much or no impact on their real estate journey.
Zillow found that Climate risks are a big concern for younger homebuyers, who are driving the market. The average age of today’s homebuyer is 39 years old, and first-time buyers represent 50% of all buyers. Millennials and Gen Z, who account for 54% of all homebuyers, are the most likely to consider climate risk when determining where to buy a home.
About half of those surveyed plan to remain in areas that pose the same climate risks that they already face. Some are even considering moving to areas with higher risks. Only 23% reported that they are considering building homes in areas they believe are safer facing the dangers of climatic disasters.
The report indicates that Affordability remains the biggest obstacle for consumersespecially first-time homebuyers who tend to accept what they can afford.
For more details about the study, click here.
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