Three-quarters of homebuyers deterred by climate change

Increasingly severe weather patterns weigh heavy on the majority of borrowers looking to buy a house, while half will move because of it, according to Redfin.

A 79% share of consumers cited the growing frequency and intensity of climate change as a restriction in their homebuying search. More specifically, 76% said rising sea levels were an obstacle, with 75% pointing to extreme temperatures as a concern

Additionally, 49% of those moving within the next year said natural disasters factored into their decision to relocate, with 48% concerned most about extreme temperatures and 36% worry about rising seas.

People appear to be leaving places like Napa Valley, Calif., due to increased wildfires, the report noted. This could signal a trend in future migration patterns for lenders to keep an eye on.

Younger borrowers listed climate change as a barrier at much higher rates than older surveyees. The 35- to-45-year-old demographic had the highest share of respondents factor in climate change across all three risk types when home shopping or moving.

“Climate change is making certain parts of the country less desirable to live in,” Redfin Chief Economist Daryl Fairweather said in the report. “As Americans leave places that are frequently on fire or at risk of going underwater, the destinations that don’t face those risks will become increasingly competitive and expensive for homebuyers.”

Even with added affordability baked in, locales impacted by climate change would still be a non-negotiable for at least one quarter of buyers. A 30% share wouldn’t consider properties at risk of rising sea levels no matter the price, while 28% said the same for increased natural disasters and 24% for extreme temperatures.