Community Real Estate

Record share of homebuyers relocating, many to places facing climate risk

Source: Redfin

A record 26% of homebuyers are looking to move to a different part of the country, according to a new report from Redfin. That’s up from 24% a year ago and roughly 19% before the pandemic began. While homebuyers consider climate risk when deciding where to live, affordability is often a more significant factor.

For instance, Sacramento faces severe heat risk, but it’s the most popular destination for relocating homebuyers. The typical home in that metro sells for $575,000, nearly a million dollars less than the typical home in San Francisco ($1,480,000), the most popular origin of buyers moving in. With a 7% mortgage rate–roughly the average for August–the monthly payment for the median-priced Sacramento home is $3,889, compared to $10,010 for the median-priced San Francisco home.

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