The housing market is so unaffordable that a record share of homebuyers are looking to relocate to cheaper cities despite rising natural disaster risks
A record share of US homebuyers are looking to relocate to more affordable parts of the country even as natural disaster risks climb, according to a WednesdayMore than one-quarter of house hunters are seeking a different metro area, up from 23% a year ago. That figure before the pandemic hovered below 20%.
"Climate risks haven't yet stopped many homebuyers from moving into areas that don't have enough water, like Phoenix, and places that could eventually be underwater, like coastal Florida," Redfin Chief Economist Daryl Fairweather said. The typical home in Phoenix, the most popular destination for out-of-town movers, sells for $450,000. The most common source of interest in Phoenix is people who live in Seattle, where homes sell on average for $800,000.
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