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Sept 5, 2023

Help customers be safe against major weather events

Home improvement retailers can be a vital resource for customers to help make their homes safer against major weather events, as this is important to homeowners and home buyers. More than four out of five prospective home buyers consider climate risks as they shop, says research from Zillow. Most say their major concern is flood risk, followed by wildfires, extreme temperatures, hurricanes, and drought. 

"Climate risks impact where most prospective buyers shop for a home," says Manny Garcia, Zillow’s senior population scientist. "While all generations juggle trade-offs like budget, floor plans, and commute times, younger home shoppers are more likely to face another consideration, they want to know if their home will be safe from rising waters, extreme temperatures, and wildfires." 

Climate risks are a major concern for younger home shoppers, who are driving the market. The median age of today's home buyer is 39, and first-time buyers make up 50% of all buyers. Millennial and Gen Z shoppers – who comprise 54% of all home buyers – are most likely to consider a climate risk when determining where to shop for a home. Across generations, a majority of shoppers reported taking into account at least one climate risk when looking for their next home. 

While climate risk is affecting attitudes, it isn't to the point where majorities of buyers are considering a move to a region they consider less risky. About half plan to remain in areas that pose the same climate risks they already face. Some are even thinking about moving to areas with more risks. Only 23% report they are considering homes in areas that they believe to be safer from the dangers of climate disasters. 

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