When purchasing a home, we often think about location, schools, and market value. But are you also factoring in climate risks? If not, you could be missing crucial information that impacts your long-term investment and the safety of your future home. According to the Zillow Consumer Housing Trends Report 2024, nearly 73% of buyers considered climate risks when choosing where to buy.
Climate change is influencing homebuyers more than ever before, from flooding and wildfires to extreme temperatures. In this post, we’ll explore how climate risks are reshaping the real estate market in 2024 and offer key tips to help you factor these risks into your home search.
- Flood Zones: A Growing Concern
Flooding has become one of the top risks for homebuyers, with increased rainfall and more frequent storms wreaking havoc in many areas. According to Zillow's report, 43% of buyers actively avoided homes in flood-prone zones. Beyond the stress of flood damage, homeowners face high insurance premiums and costly repairs, not to mention possible evacuation risks.
How to Assess Flood Risk:
- Check FEMA’s online flood maps to see if a property is in a high-risk zone.
- Even if flood insurance isn’t required, it’s often a smart investment in areas prone to heavy rainfall or storm surges.
- Ask your agent about the home’s flood history and any existing mitigation features like elevated foundations or drainage systems.
- Wildfire Risk: Shaping Buyer Behavior
Wildfires continue to impact home searches in the Western U.S., with 28% of buyers steering clear of regions at high risk for fires. Recent wildfire seasons have devastated neighborhoods and driven insurance premiums through the roof. It’s no wonder many homebuyers now consider fire safety a top priority.
- Extreme Temperatures: A Growing Factor for 1 in 4 Buyers
As heatwaves and cold snaps become more common, buyers are avoiding homes in areas with extreme temperatures. 26% of buyers now prioritize climate comfort, whether that means avoiding the intense heat of the South or the severe winters of the North.
- Coastal Living and Hurricane Risks: Proceed with Caution
While coastal properties offer stunning views, they come with risks—25% of homebuyers now avoid hurricane-prone regions. Hurricanes can cause severe property damage through high winds, flooding, and storm surges, making homeowners insurance both costly and difficult to obtain.
How to Factor Climate Risk into Your Home Search
If natural disasters and extreme weather are concerns during your home search, you are not alone. Here are four practical ways to ensure you make an informed decision:
- Research Local Risks
Understanding the climate risks of your chosen area is essential. Use tools like FEMA flood maps or consult local government resources to identify wildfire zones or hurricane-prone regions. This knowledge will empower you to make confident decisions and avoid surprises down the road.
- Invest in Climate-Resilient Features
Homes with climate-resilient upgrades are better prepared to withstand natural disasters. Look for features like:
- Impact-resistant windows
- Drainage systems to prevent flooding
- Fire-resistant building materials
These improvements not only protect your property but can also lower your insurance premiums.
- Evaluate Insurance Costs Early
Climate risks, such as flooding or wildfire exposure, can drive up insurance premiums. Get insurance quotes as soon as possible to understand the full cost of homeownership. This step ensures you are financially prepared for any additional expenses.
- Think Long-Term
Climate risks are expected to increase in the coming years, so choose a property that will be a safe investment for the long haul. Your home should provide comfort, safety, and financial stability—even in the face of climate-related challenges.
A Climate-Conscious Home Search is a Smart Investment
In 2024, climate risks are playing a more significant role in homebuyers’ decisions than ever before. From flood zones and wildfire areas to extreme temperatures and coastal risks, today’s buyers are carefully weighing environmental factors as part of their search.
The key is to research, plan, and invest in features that protect your property from the growing challenges of climate change. With the right information and preparation, you can find a climate-resilient home that offers both comfort and peace of mind for years to come.
By adding climate risk awareness to your home search checklist, you’ll be well-equipped to find a home that stands the test of time—environmentally and financially.
