So far this year, the United States experienced 19 confirmed weather or climate disaster events with losses exceeding the $1 billion mark, according to the National Oceanic and Atmospheric Administration. With severe weather becoming more of a reality for Americans, Middleburg Communities chief economist and former Fed economist Brad Case breaks down how it is impacting homebuyer mindsets.
“There’s no question that people are revealing that they would rather live in a place where housing costs are lower and the weather is more moderate, and that’s the Sun Belt. For my company, that means the southeast and the Mid-Atlantic,” Case explains.
He notes that his company is focused on building away from coasts as more buyers turn to opportunities in the southeast, southwest, and Mid-Atlantic. “The people who are going to continue to move, move to actually the coast itself, are going to be very wealthy people who don’t need to worry about the disasters. The people who do need to worry about weather disasters? They’re going to move to more inland locations within those markets,” he adds.
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This post was written by Melanie Riehl
