As the U.S. hurricane and fire season come into full swing, new research from Zillow reports half (50%) of residents of major U.S. metro areas believe climate change will affect their homes or communities within their lifetime.
According to the latest Zillow Housing Aspirations Report, young adults and people who live in coastal metros are the most likely to anticipate their lives will be impacted by climate change. Nearly two-thirds (62%) of people ages 18 to 34 say their homes or communities will be affected either "somewhat" or "a great deal" in their lifetimes, compared with 51% of people ages 35 to 54, and only 39% of those 55 and older.
This comes on the heels of an analysis published last month by Zillow and Climate Central that found that more than 800,000 existing homes worth $451 billion will be at risk in a 10-year flood by 2050. Another recent Zillow analysis shows there are nearly a half million homes in California at risk from wildfires.
Residents of all ages in Miami (61%), San Jose (59%) and Los Angeles (57%) were most likely to anticipate climate change impact, while those in St. Louis (40%), Detroit (43%) and Philadelphia (44%) were least likely.
There also were differences along political lines. Nearly two-thirds (63%) of Democrats said they expected to be impacted somewhat or a great deal by climate change within their lifetime, while 43% of Republicans said they didn't expect any impact at all. Nearly a third (32%) of Republicans said they expected impact.
While there was disagreement on the effects of climate change, there was consensus around possible solutions across all groups. Of those surveyed, 71% would support new laws to prevent developers from building in high-risk areas that are prone to natural disasters. Additionally, 62% support making structural improvements to homes to mitigate damage, while 59% would support the adoption of new policies that require homeowners in high-risk areas to buy disaster insurance.
When it comes to taxes, only about a quarter (27%) support the idea of increasing taxes for relocation, while 42% would be willing to pay higher taxes to fund defensive infrastructure.
"This survey confirms that millions of Americans are sensitive to the risks associated with climate change and believe they will face them in their lifetimes," said Skylar Olsen, director of economic research at Zillow. "Young adults are much more likely to recognize the reality of climate change-related risks to their homes and communities. Every month new evidence is brought to light about the risks ranging from rising temperatures to more frequent floods to wildfires, and people are hearing the message. Even across age groups and political lines, there is at least consensus that when you are in a hole the first step is to stop digging, in this case by not continuing to build new homes in high-risk areas."
According to new research by Zillow, the total value of every home in the U.S. is $33.6 trillion, nearly as much as the GDP of the two largest global economies combined -- the U.S. ($20.5 trillion) and China ($13.6 trillion).
According to the Mortgage Bankers Association's newly released Mortgage Credit Availability Index (MCAI), U.S. mortgage credit availability decreased in December 2019.
The MCAI fell by 3.5 percent to 182.2 in December.
US home builder confidence in the market for newly-built single-family homes increased five points to 76 in December 2019 from an upwardly revised November 2019. This is the highest reading since June of 1999.
There were 49,898 U.S. properties with foreclosure filings in November 2019, down 10 percent from October 2019 and down 6 percent from a year ago. Nationally, one in every 2,713 properties had a foreclosure filing in November 2019.
According to a new report from Redfin, ten percent of offers written by Redfin agents nationwide on behalf of their homebuying customers faced a bidding war in November 2019, down from 29% a year earlier and hovering at the 10-year low for the 5th consecutive month.
According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending November 29, 2019, mortgage applications decreased 9.2 percent from one week earlier. This week's results include an adjustment for the Thanksgiving holiday.
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