64% of US home buyers did not factor in climate change when purchasing their home.

Most people do not consider the impact of climate change when it comes to buying a home or choosing its location, according to a new online survey by real estate tech startup PropertyNest. With the recent Cop26 climate summit fresh in most people’s minds, PropertyNest asked a total of 1,483 US home buyers aged 18 and older whether they linked the impact of climate change with the safety of their properties, and whether the location they chose was determined by the risk of flooding, rising sea levels or wildfires. The survey found that up to 64% of US home buyers did not factor in climate change at all in their choices. Out of that group, more than 33% admitted that it had simply not occurred to them, while almost 19% did not see how the issue was related to buying a home. More than 12% said they did not believe in climate change. By contrast, 10.6% considered climate change as one of the top priorities when making a property choice, although only 5.9% said it was the most important consideration. Ruth Shin, CEO and founder of PropertyNest, said the most surprising aspect of the survey was that younger people weren't more concerned about the issue of climate change. Speaking to MPA, she said: “We talk about Gen Z and Gen Y being the generations that are most concerned about climate change in the environment - this is the top issue of their generation - but they're not seeing how that actually translates to something like buying a home.” However, she warned that extreme weather patterns were not only a reality but that they were going to get worse, adding that homebuyers should act in consequence. She said: “A lot of homeowners don't pay attention to some of the things that are happening to their home until there's a major event; until that big weather event occurs and you have destruction and damage in your home.”

Source: Mortgage Professional America