After hurricanes in Florida, floods in Texas and wildfires in California plagued the United States this year, homeownership worries Americans, a survey released Wednesday showed.
More than two-thirds of Americans believe homeownership is riskier now than it was 10 years ago due to climate change and natural disasters, according to a survey conducted by Clever Offers of 1,000 Americans. A similar number of homeowners said they took climate change into account when buying.
More than 60% of Americans said they are willing to pay a premium for a home located in an area at low risk of natural disasters, and roughly half said they are concerned they may be forced to move one day because of a climate risk or disaster.
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Some states, like California, have made sure homebuyers are aware of the risk they took. Sellers of homes built before the state required they be constructed to withstand wildfires now must disclose to potential buyers the susceptibility of the area to fires and what they have done to address it.
Nearly two-thirds of Americans said they are concerned natural disasters will become more frequent or intense where they live and 61% said they are worried one could destroy their home. About 20% of homeowners said they don’t believe they’d be safe in their home during a disaster, but only 7% said they feel completely prepared for one.
More than a third of Americans said they would consider buying a home in an area at high risk for a natural disaster, but about half said they would do so with a discount. Nearly 40% said no price could convince them to buy in a high-risk area.
Tornadoes, most common in Oklahoma and Texas, are the most concerning natural disaster to homeowners, with 31% saying so, followed by wildfires, largely in California, at 26%. Only 16% answered hurricanes.
About 40% of Americans said they would avoid buying a home in California due to natural disaster risk, followed by Florida at 36% and Texas at 21%.
