People Flock to Texas and Florida Despite Fire and Flood Risks (Redfin)

People Flock to Texas and Florida Despite Fire and Flood Risks

Wednesday, August 7th, 2024 Catastrophe Legislation & Regulation Property Risk Management

In 2023, America’s high-fire-risk counties saw a net inflow of 63,365 people, with Texas being a primary destination. Conversely, high-fire-risk areas in California experienced a net outflow, reflecting increased awareness of climate risks. Similarly, high-flood-risk counties saw a net inflow of 16,144 people, with Florida leading this trend, although migration to Florida’s flood-prone areas has slightly decreased.

A Redfin analysis based on U.S. Census Bureau data and First Street climate-risk scores highlights that while people are increasingly concerned about climate risks, factors such as cost of living and proximity to family still drive migration decisions. Despite rising insurance costs and intensifying natural disasters, many continue to prioritize economic benefits and personal reasons over climate safety.

High-risk counties in Texas and Florida, known for their low taxes and robust housing markets, continue to attract residents. However, these states are not immune to the consequences of climate change, with significant wildfire activity in Texas and escalating flood risks in Florida. This trend underscores the complex interplay between economic factors and climate awareness in shaping migration patterns.


External References & Further Reading
https://www.redfin.com/news/climate-migration-real-estate-2024/

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