A recent report from Redfin reveals that older Americans are more likely to buy homes in areas with significant climate risks than their younger counterparts. The data shows that 36.9% of home purchases made by people aged 65 and above last year were in counties at high risk of extreme heat, compared to 32.3% for those under 35.
The same trend is seen for flood-prone areas, with 13.3% of purchases made by seniors exceeding the national average of 9.8%, while fire risks are also on the rise, with 3.7% of senior homebuyers facing high risk compared to 2.6% of younger buyers.
Redfin defines a “high-risk” county as one in the top 10% for fire or flood risks and the top 33% for heat risks. The report suggests that many retirement hotspots, such as Arizona and Florida, are attractive despite their climate-related risks.
Retirees often weigh the pros against the cons, with some opting for waterfront views over lower flood risk inland. However, younger buyers tend to prioritize major urban job markets, but remote work has blurred these lines, particularly in Sunbelt metros.
Source: https://www.mansionglobal.com/articles/u-s-baby-boomers-more-likely-to-buy-homes-at-risk-of-heat-fire-and-flood-2bbbb3fd