Home / Daily Dose / Homeowners Gravitating to Disaster-Prone Metros
Print This Post Print This Post

Homeowners Gravitating to Disaster-Prone Metros

Areas that with increased risk of property damage due to high heat, drought, fire, flood, and storms are not necessarily discouraging incoming residents, reports Redfin.com. In fact, data show disaster-prone areas are becoming even more populous, while counties with the smallest share of homes facing climate risk largely saw their populations decline.

"People have been gravitating to places with severe climate risk because many of these areas are relatively affordable, have lower property taxes, more housing options or access to nature," said Redfin Economist Sebastian Sandoval-Olascoaga. "For a lot of people, these benefits seem to outweigh the dangers of climate change. But as natural disasters become more frequent, homeowners in these areas may end up losing property value or face considerable difficulty getting their properties insured against environmental disasters."

The report comes thanks to a recent collaboration between Redfin and ClimateCheck—which rates climate-risk from 0-100 by county, city, neighborhood, zip code—as well as U.S. Census Bureau records.

The 50 U.S. counties with the largest share of homes facing high heat risk saw their populations increase by an average of 4.7% from 2016 through 2020 due to positive net migration. And the 50 counties with the largest percentage of homes facing high drought, fire, flood and storm risk experienced average population growth of 3.5%, 3%, 1.9% and 0.4%, respectively, due to positive net migration, showed the report.

Places with relatively low climate risk have experienced the opposite trend, Redfin reported.

The 50 counties with the lowest share of homes facing high heat risk saw their populations decrease by an average of 1.4% from 2016 through 2020 due to negative net migration, while the 50 counties with the smallest percentage of homes facing high drought, fire and flood risk experienced average migration-driven population declines of 1.1%, 1.2% and 1.1%, respectively.

Bucking the trend were the 50 counties with the lowest share of homes facing high storm risk, which experienced 0.9% population growth, the researchers added when summarizing the report.

About Author: Christina Hughes Babb

Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Contact Christina at christina.hughesbabb@thefivestar.com.
x

Check Also

Forbearance Update: Declining Volumes as Agreements Expire

Boosted by a positive employment report, the number of homeowners in forbearance plans dropped yet again this week to 2.28% of U.S. households.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.