Wednesday, July 26, 2023

"Real estate data: Americans flocking to areas at high risk of fires, floods and extreme heat"

 From Seattle's own, GeekWire, July 25:

Seattle real estate platform Redfin analyzed migration patterns of Americans in recent years and found high numbers of people moving into, rather than out of, areas at high risk of wildfires, floods and extreme heat. And these risks are predicted only to worsen as climate change continues.

What drives the migration: The analysis suggests that rising housing costs and a shortage of homes are luring people to areas that are affordable but also threatened by an increased likelihood for natural disasters.

“It’s human nature to focus on current benefits, like waterfront views or a low cost of living, over costs that could rack up in the long run, like property damage or a decrease in property value,” said Daryl Fairweather, Redfin’s deputy chief economist, in a press release.

The trend seems likely to continue. A separate Redfin analysis found that 55% of homes built so far this decade are in risky areas for wildfires.

Fewer than half of people who moved in the past year — some 48.7% — believe that fires, floods and higher temperatures will impact home values in their area within the coming decade...