Home climate risk consideration overview:
- Who: Real estate company ZIllow revealed the results of a study that found more than 80% of prospective home buyers are taking climate risks into account during their search for a new home.
- Why: The current makeup of prospective home buyers is mostly millennial and Gen Z shoppers, who Zillow says are more likely than their predecessors to take climate risks into account when searching for a new home.
- Where: Nationwide.
The majority of prospective home buyers in the US take into account at least one climate risk when shopping around, according to the results of a new Zillow study.
Zillow found more than four out of five prospective home buyers consider climate risks during their search for a new home, with the most common concern being a risk of flooding.
Prospective home buyers — who are currently made up mostly of millennial or Gen Z shoppers — are also concerned about risks related to wildfires, extreme temperatures, hurricanes, and drought, according to the Zillow study.
Zillow senior population scientist Manny Garcia said the current generation of prospective home buyers are more likely than their predecessors to take climate-related concerns into account.
“Climate risks impact where most prospective buyers shop for a home,” Garcia said, in a statement. “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.”
Prospective home buyers from West coast most likely to take climate risks into account, Zillow study finds
Prospective home buyers on the West Coast were the most likely to respond that climate risks are very or extremely important in their home search, followed by individuals in the Northeast according to Zillow.
Zillow found that one third of prospective home buyers from the Midwest and South, meanwhile, responded that climate risks are either not very impactful or not impactful at all in their searches.
Despite taking the risks into account, prospective home buyers are not yet to the point where they are considering moving to an area with less risk, according to Zillow, which found about half of new home buyers plan to stay in areas with the same climate risks they currently face.
“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 said, in a news release.
In other news involving Zillow, a class action lawsuit was filed against the real estate company in June over claims it allegedly places unlawful and unwanted marketing texts and calls to consumers.
Did or would you take climate risks into account when purchasing your home? Let us know in the comments!
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