Business
More than 80% of home shoppers consider climate risks when looking for a new home
Floods, fires and extreme weather are reshaping how people view climate risk and real estate A clear majority of people in each region of the United States
About this update from Zillow Group, Inc.
[{"type":"text","content":"Floods, fires and extreme weather are reshaping how people view climate risk and real estate \nA clear majority of people in each region of the United States consider at least one climate risk when shopping for a home.A majority of today's buyers are millennial and Gen Z shoppers, and they are more likely than other generations to consider a climate risk when deciding where to buy a home.SEATTLE, Sept. 5, 2023 /PRNewswire/ -- More than 4 out of 5 prospective home buyers consider climate risks as they shop, new Zillow research shows. Most say their major concern is flood risk, followed by wildfires, extreme temperatures, hurricanes and drought.\n\n \n \n \n \n \n \n\n \n\"Climate risks impact where most prospective buyers shop for a home,\" said Zillow senior population scientist Manny Garcia. \"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.\"\nA clear majority of prospective buyers in each region of the United States consider at least one climate risk when shopping for a home. People in the West are most likely to report climate risk as very or extremely impactful in their home search, followed by those in the Northeast. On the flip side, one-third of Midwestern and Southern shoppers say climate risks are not very impactful or not at all impactful to their real estate journey.\nTotal\nMidwest\nNortheast\nSouth\nWest\nShare of prospective buyers who considered at least one climate risk\n83 %\n77 %\n85 %\n79 %\n90 %\nShare of buyers who said climate risks are:\nVery/extremely impactful\n49 %\n42 %\n50 %\n43 %\n59 %\nNot at all/not very impactful\n28 %\n34 %\n27 %\n33 %\n20 %\nClimate risks are a major concern for younger home shoppers, who are driving the market. The median age of today's home buyer is 39, and first-time buyers make up 50% of all buyers. Millennial and Gen Z shoppers — who comprise 54% of all home buyers — are most likely to consider a climate risk when determining where to shop for a home. Across generations, a majority of shoppers reported taking into account at least one climate risk when looking for their next home.\nTotal\nGen Z (Ages 18–28)\nMillennial (Ages 29–43)\nGen X (Ages 44–58)\nBoomers & the Silen...