U.S. Homebuyers Consider Natural Disaster Risk Before Moving -- Market Talk

Dow Jones11-20 22:49

0949 ET - The choice of a home may now be dictated in part by climate change. For the first time since 2010, homes facing low risk from natural disasters--heat, flood and fire--are rising in value faster than homes facing high risk, Redfin says. With insurance costs skyrocketing, many risky areas that were once affordable have become prohibitively expensive. People are putting disaster risk higher on their list of considerations when looking for a home. In California, high-fire-risk areas saw more people leave than move in last year. A survey conducted in October found that nearly one-third of young adults say Hurricane Helene made them reconsider where they want to live in the future. (chris.wack@wsj.com)

(END) Dow Jones Newswires

November 20, 2024 09:49 ET (14:49 GMT)

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