One-third of young adults say hurricanes like Helene and Milton will impact where they choose to live
One-third of young adults say hurricanes like Helene and Milton will impact where they choose to live 0 dbarista Wed, 10/16/2024 - 15:41 MFPRO+ News Nearly one-third of U.S. residents between 18 and 34 years old say they are reconsidering where they want to move after seeing the damage wrought by Hurricane Helene, according to a Redfin report. About 15% of those over age 35 echoed their younger cohort’s sentiment. Peter Fabris, Contributing Editor Difficulty in obtaining insurance and premium hikes influencing housing markets MFPRO+ News Multifamily Housing Contractors Designers Designers / Specifiers / Landscape Architects Engineers Facility Managers Architects Building Owners Codes and Standards Nearly one-third of U.S. residents between 18 and 34 years old say they are reconsidering where they want to move after seeing the damage wrought by Hurricane Helene, according to a Redfin report.About 15% of those over age 35 echoed their younger cohort’s sentiment. “Americans are beginning to realize that nowhere is truly immune to the impacts of climate change, and we're starting to see that impact where people want to live—even people who haven't experienced a catastrophic weather event firsthand,” said Redfin chief economist Daryl Fairweather.The state of the homeowner insurance market has survey respondents concerned. Nearly a quarter of all respondents to the survey expect insurance premiums in their area to increase after Hurricane Helene. About 13% of respondents think Helene will make it harder to get homeowners insurance.Severe storms appear to be having a significant impact on Florida’s housing market. Home sales in some Florida markets have been flat for more than a year after doubling between 2017 and 2024. In Tampa, Orlando, and much of the Space Coast, inventory of single-family homes and condominiums is up more than 50% year-over-year.
Nearly one-third of U.S. residents between 18 and 34 years old say they are reconsidering where they want to move after seeing the damage wrought by Hurricane Helene, according to a Redfin report. About 15% of those over age 35 echoed their younger cohort’s sentiment.
Peter Fabris, Contributing Editor
Difficulty in obtaining insurance and premium hikes influencing housing markets
Nearly one-third of U.S. residents between 18 and 34 years old say they are reconsidering where they want to move after seeing the damage wrought by Hurricane Helene, according to a Redfin report.
About 15% of those over age 35 echoed their younger cohort’s sentiment. “Americans are beginning to realize that nowhere is truly immune to the impacts of climate change, and we're starting to see that impact where people want to live—even people who haven't experienced a catastrophic weather event firsthand,” said Redfin chief economist Daryl Fairweather.
The state of the homeowner insurance market has survey respondents concerned. Nearly a quarter of all respondents to the survey expect insurance premiums in their area to increase after Hurricane Helene. About 13% of respondents think Helene will make it harder to get homeowners insurance.
Severe storms appear to be having a significant impact on Florida’s housing market. Home sales in some Florida markets have been flat for more than a year after doubling between 2017 and 2024. In Tampa, Orlando, and much of the Space Coast, inventory of single-family homes and condominiums is up more than 50% year-over-year.
