3 Best Places to Buy a House Because of the Climate Change Real Estate Bubble
Written by
Yaël Bizouati-Kennedy
Edited by
Maria Concepcion
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The dream of homeownership has been very difficult to achieve for many Americans lately. The combination of exploding mortgage rates, low inventory and high home prices have paved a difficult road for many of them. And now, another factor to consider is climate change, which can affect the homebuying process in many ways.
In fact, a whopping 30% of Americans say that climate change is a reason to move, according to The Zebra, citing CoreLogic data. Severe weather events, such as hurricanes, flooding and wildfires for instance – can also impact insurance prices and property value, of course, which can become additional financial burdens for buyers.
And the numbers speak for themselves: according to a Realtor.com report, this year, 44.8% of homes – with a total value of $22 trillion – face “at least one type of severe or extreme climate risk from either flood, wind, wildfire, heat, or air quality.”
In turn, where are the best places to buy a house because of the climate change real estate bubble?
Buffalo, New York
According to The Zebra, the city “is far enough inland to not be affected by rising sea levels in the immediate future.”
The Zebra added that there is also a 0% chance of a significant flood by 2050.
Minneapolis, Minn.
The city’s air quality is good, according to The Zebra and it has had very few severe weather events. In turn, it makes it “a great choice for a climate-inspired move.”
Raleigh, N.C.
The city is at the number one spot in terms of both low number of ozone days and particle pollution, according to The Zebra.
“It’s also far enough from the coast to not be directly affected by sea level rise,” it added.
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