Boston buyers cite significant climate-change worries in a new study MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 In Boston, the value of homes at major risk from extreme wind exceeds one trillion dollars. For flood risk, the value totals one hundred and fifty two point six billion dollars, according to new research from Zillow. These climate risks worry Boston buyers. The share of prospective homebuyers in the Northeast who considered at least one climate risk when purchasing their home reached eighty five percent in 2023, Zillow said.

 The issue impacts buyers nationwide. In fact, many markets face more severe climate risks than Boston. Zillow’s research shows that of the eleven metro areas with a minimum of one hundred billion dollars of residential real estate facing major fire risk, six are located in California.   Los Angeles ranks highest for total value of homes facing major fire risk, at $831 billion. Across the U.S., eleven major metro areas have at least one hundred billion dollars of residential real estate at major risk from fire. Homes in the U.S with major flood risk are worth a cumulative seven trillion dollars. “Climate risks impact where most prospective buyers shop for a home,” Zillow Senior Population Scientist Manny Garcia said in a press release. 

 “While all generations juggle trade-offs like budget, floor plans and commute times, younger home shoppers … want to know if their home will be safe from rising waters, extreme temperatures and wildfires.” With more homes qualifying as at-risk for climate-related harm, buyers are exercising caution. Zillow found that fifty percent of buyers claimed that climate risks were very or extremely impactful on their homebuying decision. “With trillions of dollars in real estate vulnerable to these risks, informed decision-making for what is the biggest purchase of many buyers’ lives has never been more critical,” said Senior Economist Kara Ng.

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