November 20, 2024
(press release)
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Safety and climate risk fears outranked a range of reasons to move, including lower property taxes, family changes, and higher rated schools SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — Nearly one in seven (13.7%) home hunters say a concern for natural disasters or climate risks in their area is a reason they are likely to move in the next year, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Even more (17.5%) say a concern for safety/crime is prompting them to move. That’s according to a Redfin-commissioned survey conducted by Ipsos in September 2024. The survey was fielded to 1,802 U.S. homeowners and renters aged 18-65. Redfin’s report focuses on 904 respondents who indicated they will move in the next year. Fears around crime/safety and climate risks were among the top reasons for moving, ranking ahead of reasons like lower property taxes (11%), family changes (10.3%), and higher school ratings (8.8%). “People want to feel safe in their homes, so it makes sense that concerns around crime and natural disasters are significant motivations for moving,” said Redfin Chief Economist Daryl Fairweather. “With climate risks, the reason people move is not necessarily solely related to physical safety, but also because of the potential financial impact of high insurance premiums and other home protection measures.” A desire for more space (31.2%) topped the list of reasons people are looking to move, followed by wanting to upgrade to a better home or neighborhood (25.4%), and wanting to seek a lower overall cost of living (21.6%). Women, homeowners and younger generations more likely to cite fears as reasons for moving Women (20%) were more likely than men (13.8%) to cite a concern for safety/crime as a reason for moving in the next year. Men (17.3%) were more likely than women (10.1%) to cite a concern for climate risks. Concern for safety/crime Concern for natural disasters or climate risks Women 20% 10.1% Men 13.8% 17.3% Homeowners 20.4% 17.4% Renters 16.3% 10.6% Boomers 16.2% 7.4% Gen X 19.2% 12.5% Millennials 17.2% 15.2% Gen Z 14.9% 14.9% Homeowners were more likely to cite crime/safety or climate risks as factors to move than renters. Millennials and Gen Zers, combined, were more than twice as likely as boomers to cite climate risks as a reason to move. To view the full report, including a table with full survey responses and methodology, please visit: https://www.redfin.com/news/moving-reasons-safety-survey-2024 About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here. Source: Redfin Released November 20, 2024
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