More than three-quarters of prospective home buyers are now considering climate risks when they are shopping for residential properties, according to new research from Zillow (NASDAQ:Z, ZG).
Zillow determined that 83% of prospective buyers consider climate risk when looking to buy a home. Regionally, 90% of buyers in the West and 85% in the Northeast focus on climate risk, compared to 79% in the South and 77% in the Midwest.
Among age demographics, climate risk is a greater concern among millennials (86%), Gen Z (84%) and Gen X (82%), but its significance is lower among baby boomers (70%).
But while buyers acknowledge climate risks, that doesn’t necessarily mean that they are avoiding areas with a higher probability of environmental hazards – 49% of buyers plan to remain in areas that pose the same climate risks they already face, with 27% planning to move into areas with more risks and only 23% considering homes in areas that they believe to be safer from the dangers of climate disasters.
“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.”