Scores of Pandemic Homebuyers Purchased Vacation Homes With High Natural-Disaster Risk
Purchases of second homes with high flood, storm and/or heat risk surged roughly
Demand for second homes surged during the pandemic as low mortgage rates, remote work and the desire to escape the city drove up demand for vacation properties. Overall, purchases of second homes were up
“The threat of climate change isn’t the top concern for a lot of homebuyers, which means they often prioritize factors like warm weather and proximity to the beach over avoiding natural-disaster risk. Second-home owners, in particular, have another place to live if disaster strikes—another reason climate danger may not feel like a pressing issue,” said Redfin Senior Economist
A recent Redfin analysis found that more people have been moving into than out of the
“House hunters from out of town ask about climate change because they’re very concerned about flooding, but most of them don’t change their minds,” said Miami Redfin agent
Heat and Storm Are Most Common Risks Second-Home Buyers Face
Overall, heat is the most common risk facing second-home buyers—nearly all (
Many popular second-home destinations, like
To read the full report, including charts and methodology, please visit: https://www.redfin.com/news/second-homes-climate-change
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Source: Redfin