Hurricane Helene Is Making Young Americans Rethink Future Residence, Redfin Finds

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Hurricane Helene has now become one of the deadliest hurricanes in the U.S. in modern times–and its destructive path may be affecting residential decisions moving forward.

A Redfin, Seattle, survey conducted last week found that 32% of residents between 18-34 years old said they’re reconsidering where they want to move in the future in the wake of the damage from Hurricane Helene. Only 15% of respondents 35 and older answered the same way.

“Scores of Americans flocked to the Sun Belt during the pandemic because remote work allowed them to take advantage of the region’s relatively low cost of living. Some thought Appalachia was insulated from hurricane risk, not realizing that the area is prone to flooding and that hurricanes can sometimes cause flash flooding far away from the ocean,” said Redfin Chief Economist Daryl Fairweather. “Americans are beginning to realize that nowhere is truly immune to the impacts of climate change, and we’re starting to see that impact where people want to live–even people who haven’t experienced a catastrophic weather event firsthand.”

Insurance costs in hurricane-prone areas also loom large. Twenty-three percent of respondents expect insurance premiums in their area to increase after Hurricane Helene, and 13% believe it will be harder to get insurance for homes in their area moving forward.

While Americans are already reacting, it’s unclear exactly what the final costs in terms of property damage from Hurricane Helene will be.

As of Oct.4, CoreLogic, Irvine, Calif., has estimated that total flood and wind losses are between $30.5 billion and $47.5 billion, including wind loss and insured and uninsured storm surge and inland flood loss for residential and commercial properties across 16 affected states. Total insured loss is estimated at $10.5 billion-$17.5 billion.