Buyers Consider Disaster Risk in Purchase Decisions
When creating a list of must-haves and would-likes, three out of four homebuyers include some consideration of disaster risk, according to a realtor.com study.
CHICAGO – About three in four recent homebuyers say they factored natural disasters into their decision when choosing a location for their new home, according to a new survey of about 3,000 consumers conducted by realtor.com.
Nationwide, 75% of recent home buyers say they’re concerned about the threat of natural disasters. The natural disasters that have them most concerned are:
- Tornadoes (39%)
- Severe Cold Or Winter Storms (38%)
- Floods (35%)
- Hurricanes (29%)
- Earthquakes (21%)
- Wildfires (17%)
- Droughts (11%)
- Sinkholes (8%)
In addition, one out of three respondents say they’d even consider selling their current home and moving to avoid natural disasters.
Homeowners located in rural and suburban areas are the most concerned about tornadoes and severe cold or winter storms. Flooding was a top concern for homeowners living in urban areas.
“Natural disasters can have enormous impacts on communities and homeowners, and with increased frequency and intensity of weather-related events, National Preparedness Month [in September] is a good reminder of how important it is to be prepared,” says Mickey Neuberger, realtor.com’s chief marketing officer.
Beginning in 2020, realtor.com began displaying flood risk next to its real estate listings. Properties include scores from Flood Factor between one (minimal risk) and 10 (extreme risk), which represents the home’s cumulative risk of flooding over a 30-year mortgage.
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