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US Homebuyers Weigh Climate Risk in Picking a House, Zillow Says

(Bloomberg) —

More than four in five US homebuyers are factoring in climate risks when they shop for a new house, according to a new survey by real estate firm Zillow.

Some 83% of respondents said they weighed at least one climate risk such as floods, extreme temperatures, wildfires, hurricanes or droughts in their purchase plans, according to Zillow’s poll of almost 12,000 prospective buyers conducted between April and July 2023.

The perceived climate risks generally aren’t proving to be deal-breakers but they are affecting attitudes, according to the study. Younger buyers, in particular, “want to know if their home will be safe from rising waters, extreme temperatures and wildfires,” said Zillow senior population scientist Manny Garcia. 

While the concern over climate risks is nationwide, it’s strongest among homebuyers in the West, according to Zillow. Even so, most homebuyers across the country aren’t weighing a move to a region they consider less risky, and roughly one-quarter of them said they are considering moving to areas with more risks, the study said. 

Read More: California Flood-Insurance Gap Exposed by Tropical Storm Hilary

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