In a recent survey that Redfin sent out to approximately 1,000 homeowners, results showed that extreme heat was the most common climate risk that homeowners felt vulnerable from. Following extreme heat investments of 26% was extreme cold (22%), flooding (16%), hurricane/other major tropical storms (14%), poor air quality (13%), and tornadoes (12%). Spending on earthquakes and wildfires was at 11%.
“Americans are shelling out cash to fortify their homes against natural disasters as they increasingly move to at-risk areas despite intensifying climate change. Unfortunately, their investments aren’t always enough—a reality that came into focus when Hurricane Ian destroyed scores of homes, many of which lacked flood insurance,” said Redfin Chief Economist Daryl Fairweather. “Homeowners should be aware that their property value could drop over time if their area becomes uninsurable and/or uninhabitable due to climate change.”
A 2021 Redfin analysis found that more people have been moving into than out of the U.S. counties with the largest share of homes at high risk of natural disasters. Many of these areas are attracting homebuyers because they’re relatively affordable, have lower property taxes and access to nature and sunshine. Cape Coral, North Port and Tampa—three Florida metros hit hard by Hurricane Ian—consistently rank on Redfin’s list of top migration destinations, which is based on how many more Redfin.com users are looking to move in than leave.
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