October 28, 2021
One of the perversities of the American housing market is that the cities and regions most vulnerable to climate change, whether fires or floods or heat waves, are also the most popular — a trend fueled by the pandemic-era desire for space. But that’s finally beginning to change. For example, recent surveys by the real estate brokerage Redfin indicate that 75% of potential home buyers will take climate disasters into consideration when purchasing their next home. Meanwhile, changes to the National Flood Insurance Program enacted earlier this month will cause some premiums to rise as much as 1,000%. Are Americans finally waking up to climate change? And if so, where will they move next? I’m joined by Daryl Fairweather, chief economist of Redfin, to discuss how her company is putting climate risk ratings front and center — and whether home buyers will finally start to act on it.
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