Recent natural disasters have potential homebuyers reconsidering beachfront property.
- More U.S. residents are taking natural disasters into consideration when buying a home, a Redfin report reveals.
- Concerns are higher among high-earners, Democrats, younger generations, and Northeast residents.
- While nearly two-thirds of respondents expressed concerns about moving to high-risk areas, these same locations have seen an increase in population as they offer more affordable living costs and warmer weather than other locations.
Why it’s news
Beachfront property may be a dream for many, but recent natural disasters like Hurricane Ian have potential buyers reconsidering their options.
A survey from real estate company Redfin found that 71% of Gen Z survey respondents are worried about natural disasters, extreme temperatures, and high sea levels, causing them to think twice about beach living.
Only half of Baby Boomers surveyed felt the same way. Nearly 70% of Democrats and 58% of Republicans agreed
Despite these concerns, areas just devastated by Hurricane Ian—like Tampa and Cape Coral—consistently rank on Redfin’s top “migration destinations.”
Redfin real estate agent Isabel Arias-Squires says that clients often ask to see home locations that aren’t in a flood zone. Florida is a changing landscape, however, and flood zones are often shifting.
“This is Florida—hurricanes and flooding come with the territory,” Arias-Squires says. “Homebuyers should always purchase flood insurance and invest in impact windows if they can.”
High-risk areas still remain popular due to relatively lower housing costs, but the survey shows that customer attitudes could be shifting.