Phoenix Emerges as Affordable and Resilient Housing Market Amidst Natural Disasters and Rising Demand

A record share of homebuyers in the US are looking to relocate to more affordable cities despite rising natural disaster risks, according to a report by Redfin. Over one-quarter of house hunters are seeking a different metro area, up from 23% a year ago, as affordability becomes a major concern. Popular destinations include Phoenix, Las Vegas, and Miami, despite the risks of heat, drought, and flooding. The growing proportion of homebuyers looking to relocate does not mean a higher total number, as unaffordability pushes many individuals out of the market altogether. The rise of remote work and the pandemic have also contributed to the increase in homebuyers moving to new metro areas.