Realtor.com® Equips Consumers with More Data to Evaluate the Potential Impacts of Climate Risks on Their Home

New research shows 32.5% of homes are at risk of extreme heat, 18.1% are at risk of wind (gusts exceeding 50 mph) and 9% are at risk of poor air quality

Santa Clara, CA – March 13, 2024 (PRNewswire) In the United States, 40.4% of homes, valued at $19.7 trillion, are at severe or extreme risk when it comes to heat, wind and air quality. To help consumers make more informed home buying and selling decisions, Realtor.com® announces the launch of three new climate risk factor scores on its website including Heat Factor™, Wind Factor™, and Air Factor™, with data from First Street, a leading climate technology company with expertise in climate change and the connection of climate risk to financial risk.

“Realtor.com® currently offers users an in-depth look at fire and flood risks. When you consider the percentage of American homes, and the value at risk, against factors like extreme heat, air quality and wind, it was imperative for us to deliver more robust and comprehensive climate risk information to our users,” said Mausam Bhatt, Chief Product and Technology Officer, Realtor.com®. “It’s important for people to fully understand the climate risks that a home faces not only in the present, but in the future, so they can make the most informed decision for one of the biggest purchases and investments they will make in their life.”

Climate RiskValue at RiskShare of Homes Affected
Extreme Heat$13.6 trillion32.5 %
Extreme Wind$7.7 trillion18.1 %
Air Quality$6.6 trillion9.0 %

2024 Realtor.com Climate Risk Report 

Realtor.com® uses First Street’s models that calculate property-level climate risk to present digestible, easy to understand information for its users. Home buyers and sellers can now more fully understand the climate risk associated with a property through maps illustrating exposure to risk factors. They can toggle between factors to see how a particular risk may affect the home’s area in the present and over time, showing current exposure to risks and the expected change for each risk in 15 years, and in 30 years, the length of a typical mortgage.  

Across the U.S., certain areas have more value at risk relative to specific climate factors. For example, Miami holds the highest total value of homes at risk for severe or extreme heat (valued at $1,258 billion) and wind (valued at $1,276 billion), while San Francisco has the highest total value at risk of homes at severe or extreme air quality (valued at $1,455 billion). See more market level details here

More Ways to Evaluate How Climate Risks May Affect Homes 

  • Through Heat Factor™, users can access property-level information that displays a heat risk score between 1-10 (minimal to extreme). They can see how many days the property area experiences a heat index (measured as temperature and humidity) at or above the local definition of a “hot day” and they can see the average high “feels like” temperature in the typical hottest month, today and 30 years into the future. In 2024, approximately 32.5% of homes in the U.S., valued at nearly $13.6 trillion, will face severe or extreme risk of heat exposure.
  • Wind Factor™ assesses property-level risk measured as the chance a property will be exposed to wind gusts exceeding 50 mph at least once, and scores it from 1-10 (minimal to extreme), today and 30 years into the future. This year, approximately 18.1% of homes in the U.S., valued at nearly $7.7 trillion, will face severe or extreme risk of hurricane wind damage.
  • Air Factor™ assigns a property-level air risk score from 1-10 (minimal to extreme) and shows consumers the expected change in poor air quality days (Air Quality Index over 100), today and 30 years into the future.  Approximately 9.0% of homes in the U.S., valued at nearly $6.6 trillion, will face severe or extreme air quality risk in 2024.

Access to climate risk information including extreme heat, wind, and air quality are now available on for-sale homes listed on Realtor.com® and will be coming soon to rental properties. For more information, visit realtor.com/environmental-risk.

Metros With the Most Share of Home Values at Severe or Extreme Heat Risk*

MetroShare of Value at RiskTotal Value of Homes at Risk
Austin-Round Rock-Georgetown, TX100.0 %$372.7B
Baton Rouge, LA100.0 %$67.4B
Cape Coral-Fort Myers, FL100.0 %$180.0B
Charleston-NorthCharleston, SC100.0 %$155.2B
Deltona-Daytona Beach-Ormond Beach, FL100.0 %$101.3B
Houston-The Woodlands-Sugar Land, TX100.0 %$732.6B
Jacksonville, FL100.0 %$233.7B
Lakeland-Winter Haven, FL100.0 %$72.4B
McAllen-Edinburg-Mission, TX100.0 %$38.0B
Miami-Fort Lauderdale-Pompano Beach, FL100.0 %$1,258.0B
Myrtle Beach-Conway-North Myrtle Beach, SC-NC100.0 %$91.6B
New Orleans-Metairie, LA100.0 %$106.8B
North Port-Sarasota-Bradenton, FL100.0 %$213.7B
Orlando-Kissimmee-Sanford, FL100.0 %$356.7B
Palm Bay-Melbourne-Titusville, FL100.0 %$97.5B
Tampa-St. Petersburg-Clearwater, FL100.0 %$463.6B
Virginia Beach-Norfolk-Newport News, VA-NC100.0 %$47.8B
Phoenix-Mesa-Chandler, AZ99.6 %$821.3B
Tucson, AZ99.4 %$123.9B
San Antonio-New Braunfels, TX99.2 %$246.5B
Fresno, CA99.0 %$96.1B
Dallas-Fort Worth-Arlington, TX98.9 %$939.1B
Las Vegas-Henderson-Paradise, NV97.3 %$326.3B
Bakersfield, CA92.1 %$70.6B
Richmond, VA86.8 %$124.4B
Sacramento-Roseville-Folsom, CA82.6 %$339.3B
Augusta-Richmond County, GA-SC79.7 %$42.0B
Riverside-San Bernardino-Ontario, CA77.9 %$552.1B
Stockton, CA72.3 %$72.7B
Baltimore-Columbia-Towson, MD59.9 %$195.2B
Washington-Arlington-Alexandria, DC-VA-MD-WV54.5 %$525.5B

*For metros having 50%+ of total home values at risk

Metros With the Most Share of Home Values at Severe or Extreme Wind Risk**

MetroShare of Value at RiskTotal Value of Homes at Risk
Baton Rouge, LA100.0 %$67.4B
Cape Coral-Fort Myers, FL100.0 %$180.3B
Charleston-North Charleston, SC100.0 %$155.7B
Deltona-Daytona Beach-Ormond Beach, FL100.0 %$101.6B
Houston-The Woodlands-Sugar Land, TX100.0 %$732.6B
Jacksonville, FL100.0 %$233.7B
Lakeland-Winter Haven, FL100.0 %$72.5B
McAllen-Edinburg-Mission, TX100.0 %$38.0B
Miami-Fort Lauderdale-Pompano Beach, FL100.0 %$1,276.3B
Myrtle Beach-Conway-North Myrtle Beach, SC-NC100.0 %$91.7B
New Orleans-Metairie, LA100.0 %$106.8B
North Port-Sarasota-Bradenton, FL100.0 %$213.7B
Orlando-Kissimmee-Sanford, FL100.0 %$356.8B
Palm Bay-Melbourne-Titusville, FL100.0 %$97.5B
Tampa-St.Petersburg-Clearwater, FL100.0 %$463.7B
Virginia Beach-Norfolk-Newport News, VA-NC71.0 %$33.9B
Austin-Round Rock-Georgetown, TX51.3 %$191.2B
Providence-Warwick, RI-MA51.0 %$112.3B

**For metros having 50%+ of total home values at risk

Metros With the Most Share of Home Values at Severe or Extreme Air Quality Risk***

MetroShare of Value at RiskTotal Value of Homes at Risk
Fresno, CA100.0 %$97.2B
Sacramento-Roseville-Folsom, CA100.0 %$410.6B
Spokane-Spokane Valley, WA100.0 %$72.1B
Stockton, CA100.0 %$100.6B
Portland-Vancouver-Hillsboro, OR-WA99.9 %$400.5B
San Jose-Sunnyvale-Santa Clara, CA99.9 %$793.5B
Boise City, ID99.7 %$132.4B
Bakersfield, CA99.4 %$77.0B
San Francisco-Oakland-Berkeley, CA98.2 %$1,455.2B
Seattle-Tacoma-Bellevue, WA76.8 %$700.6B
Riverside-San Bernardino-Ontario, CA61.4 %$441.2B

***For metros having 50%+ of total home values at risk

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media Contact
press@move.com 

SOURCE Realtor.com

Americans Hold on to the Dream of Homeownership

40% of Hopeful Buyers Would Consider Buying if Rates Hit 6% or below and Millennials and Gen Z Are Even More Bullish

Santa Clara, CA – Feb. 21, 2024 (PRNewswire) Despite a challenging few years in the housing market, the American dream of owning a home is still alive. According to a recent Realtor.com® survey, a majority of Americans think the dream is still achievable, though for many prospective buyers, it hinges on an interest rate drop to less than 6%. Though the sentiment is generally shared across generations, for Millennials and Gen Z, there may be a little more flexibility, with nearly half (47%) of Millennials and 37% of Gen Z respondents stating they’d still buy a home if rates went above 8%.

“The current market is very different from where it was before the pandemic, but many Americans still have a positive outlook towards achieving the dream of buying a home,” said Danielle Hale, Chief Economist, Realtor.com®. “This optimistic lens may shape the way younger shoppers in particular view mortgage rates. Although mortgage rates are up from a year ago, they have declined more than a percentage point from their recent peak. While some home shoppers and sellers are likely holding out for even lower rates, the improvement in affordability as rates fall has already ushered in an uptick in listings and contract signings.”

Lower Interest Rates Are the Key for Hopeful Homebuyers
Buying a home is still desired and sought after, but many people are looking for mortgage rates to come down in order to achieve it. Four out of 10 Americans looking to buy a home in the next 12 months would consider it possible if rates drop below 6%. Specifically, 18% of hopeful homebuyers say buying is feasible if the mortgage rate drops below 7%–a threshold surpassed in late 2023; an additional 22% of shoppers say they can buy if the rate drops below 6%; 32%, would enter the market if rates drop below 5%; another 18% are looking for mortgage rates below 4% and the last 9% of survey respondents aren’t sure what rate would make it possible for them.

Although rates are not anticipated to go below 6.5% according to Realtor.com’s 2024 Housing Forecast, research shows that every half percent drop in the mortgage rate reduces the monthly payment for the typical home for sale by $120, a savings of $1,400 per year and $43,000 over the life of a 30-year mortgage.

Millennials and Gen Z Remain Positive
Amongst the generations, it’s clear that Millennials and Gen Z have a more positive outlook on buying a home in today’s market than their predecessors. Over half of Millennials (55%) and 40% of their Gen Z counterparts feel now is a good time to buy. Whereas only 32% of Gen X and a mere 17% of Boomers feel the same.

Similarly, Millennials are the most optimistic about being able to afford to buy a home in the very near term with 43% saying they expect to be able to do so within the next year, compared to roughly 20% of Gen Zers and Xers, respectively and just 13% of Boomers. While Gen Z may only make up 4% of all homebuyers, according to the National Association of Realtors, they are not only bullish now, but they are the most optimistic out of the generations for the somewhat distant future. Forty-five percent of surveyed Gen Zers think they will be able to afford a home in the next five years, compared to 32% of Millennials, 36% of Gen X and 26% of Boomers; pointing to a bright and optimistic future for the up-and-coming home owners.  

“Over the last year the real estate market has made it feel less than possible for Americans to achieve the dream of owning a home,” said Mickey Neuberger, CMO, Realtor.com®. “Given the reality of our current environment we are seeing an inspiring level of optimism shine through, indicating that not only is the dream alive, it’s something that the American people are still working towards, and believe they can achieve.”

For more details, Realtor.com® has information on the ways to make the American dream a reality from up-to-date home listings to helping consumers calculate how much house they can afford and understand the loan options available to them like assumable loans, which may provide an option for consumers looking for a lower rate.

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media contact: press@realtor.com

Realtor.com® January Rental Report: Mild Relief for Renters Continues As Rental Prices Decline to Start New Year

In January, U.S. median rents dropped (-0.3%) for sixth straight month

Santa Clara, CA – Feb. 22, 2024 (PRNewswire) Rents fell in January for the sixth month in a row, with year-over-year prices down -0.3%, according to the monthly Realtor.com® Rental Report released today. That’s providing some relief for renters, though prices remain higher than pre-pandemic levels amid strong demand and a limited supply of new units in many markets.

In January, the median asking rent for 0-2 bedroom units in the 50 largest metros declined to $1,712, down $5 from the previous January and $46 below its August 2022 high. Following this trend, a recent Realtor.com® Avail Landlord & Renter Survey found that the percentage of landlords planning to raise rents in the next 12 months declined in recent quarters. Still, prices are 18.3% higher than they were four years ago. Median rents were mixed across unit sizes. Regionally, some big Western metro markets began to rebound while supply of new multifamily housing units outstripped demand in the South, pushing down prices.

“Rental prices are declining, especially in places where new units are entering the market, but there’s still plenty of demand driven by the large population of renters, including potential first-time homebuyers who remain on the sidelines for now,” said Danielle Hale, Chief Economist at Realtor.com®. “Looking forward, Realtor.com® anticipates the rental market to decline only slightly in 2024, as an increase in the supply of new units is balanced out by continued enthusiasm for renting as a more affordable alternative to purchasing.”

January 2024 Rental Metrics by Unit Size – National

Unit SizeMedian RentRent YoYRent Change – 4 years
Overall$1,712-0.3 %18.3 %
Studio$1,434-1.0 %11.9 %
1-bed$1,5910.1 %17.9 %
2-bed$1,892-0.6 %20.4 %

Studios saw largest rent declines
The median asking rent for studios fell by -1.0% to $1,434, which is down -3.8% from its October 2022 peak but still 11.9% higher than four years ago. Asking rents for two-bedroom units declined by -0.6% to $1,892. Those larger units still saw the highest growth in rent prices over the past four years, with an increase of $321 (20.4%). Meanwhile, asking rents for one-bedroom units rebounded after declining since July 2023, increasing by 0.1% year over year to $1,591 in January. Demand for one-bedroom units may be fueled by the perception that they’re a sweet spot in the market: more spacious than a studio and more affordable than a two-bedroom unit.

Big Western Metros started to see rebound
In January 2024, the median rent in the West fell by -0.3% from a year ago, led by declines in areas including Phoenix (-4.0%), Riverside, Calif. (-2.6%) and Las Vegas (-1.8%). But rents rebounded in some big metros, with Los Angeles (0.2%) and Seattle (1.3%) showing year-over-year increases following eight straight months of decline. With home prices still high and mortgage rates expected to remain elevated in the short term, many first-time buyers are choosing instead to rent. Rents are rising faster in big Northeastern metros such as New York (2.3%) and Boston (2.7%), where labor markets are strong and there’s slow growth in new housing stock, putting upward pressure on rents.

Rents grow in Midwest markets, drop in the South
Asking rents in the Midwest rose by 0.2% in January, bolstered by markets such as Chicago (4.2%), Indianapolis (3.5%) and Kansas City, Mo. (3.1%). These markets are enjoying low unemployment, which stokes rental demand, and they remain affordable in comparison with other parts of the country. Chicago’s median rent of $1,852 is almost $1,000 less than big-city counterparts New York ($2,844) and Los Angeles ($2,829). Meanwhile, the median asking rent fell by 1.2% in the South, led by year-over-year declines in Memphis, Tenn. (-5.5%), Atlanta (-3.8%), Austin, Texas (-3.6%). St. Louis, Mo. (-3.6%) and Miami (-3.4%). Unemployment in the South is also low, but the supply of new multifamily housing is growing, pushing down rental prices.

 Rental Data – 50 Largest Metropolitan Areas – January 2024

MetroMedian Rent (0-2 Bedrooms)YOY (0-2 Bedrooms)
Atlanta-Sandy Springs-Roswell, GA$1,619-3.8 %
Austin-Round Rock, TX$1,547-3.6 %
Baltimore-Columbia-Towson, MD$1,790-0.6 %
Birmingham-Hoover, AL$1,245-0.8 %
Boston-Cambridge-Newton, MA-NH$2,9812.7 %
Buffalo-Cheektowaga-Niagara Falls, NYNANA
Charlotte-Concord-Gastonia, NC-SC$1,542-0.1 %
Chicago-Naperville-Elgin, IL-IN-WI$1,8524.2 %
Cincinnati, OH-KY-IN$1,3181.4 %
Cleveland-Elyria, OH$1,217-2.0 %
Columbus, OH$1,178-2.5 %
Dallas-Fort Worth-Arlington, TX$1,505-1.0 %
Denver-Aurora-Lakewood, CO$1,9220.3 %
Detroit-Warren-Dearborn, MI$1,308-0.3 %
Hartford-West Hartford-East Hartford, CTNANA
Houston-The Woodlands-Sugar Land, TX$1,3942.8 %
Indianapolis-Carmel-Anderson, IN$1,2883.5 %
Jacksonville, FL$1,534-2.2 %
Kansas City, MO-KS$1,3183.1 %
Las Vegas-Henderson-Paradise, NV$1,489-1.8 %
Los Angeles-Long Beach-Anaheim, CA$2,8290.2 %
Louisville/Jefferson County, KY-IN$1,2342.7 %
Memphis, TN-MS-AR$1,247-5.5 %
Miami-Fort Lauderdale-West Palm Beach, FL$2,373-3.4 %
Milwaukee-Waukesha-West Allis, WI$1,574-0.9 %
Minneapolis-St. Paul-Bloomington, MN-WI$1,491-0.4 %
Nashville-Davidson–Murfreesboro–Franklin, TN$1,613-2.3 %
New Orleans-Metairie, LANANA
New York-Newark-Jersey City, NY-NJ-PA$2,8442.3 %
Oklahoma City, OK$9882.2 %
Orlando-Kissimmee-Sanford, FL$1,682-1.9 %
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD$1,780-2.0 %
Phoenix-Mesa-Scottsdale, AZ$1,550-4.0 %
Pittsburgh, PA$1,4211.1 %
Portland-Vancouver-Hillsboro, OR-WA$1,656-0.7 %
Providence-Warwick, RI-MANANA
Raleigh, NC$1,529-1.5 %
Richmond, VA$1,492-0.1 %
Riverside-San Bernardino-Ontario, CA$2,174-2.6 %
Rochester, NYNANA
Sacramento–Roseville–Arden-Arcade, CA$1,8440.9 %
San Antonio-New Braunfels, TX$1,2751.0 %
San Diego-Carlsbad, CA$2,8111.1 %
San Francisco-Oakland-Hayward, CA$2,837-0.6 %
San Jose-Sunnyvale-Santa Clara, CA$3,2172.9 %
Seattle-Tacoma-Bellevue, WA$2,0121.3 %
St. Louis, MO-IL$1,295-3.6 %
Tampa-St. Petersburg-Clearwater, FL$1,740-1.1 %
Virginia Beach-Norfolk-Newport News, VA-NC$1,508-0.4 %
Washington-Arlington-Alexandria,DC-VA-MD-WV$2,1941.9 %

Methodology
Rental data as of January 2024 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019.

With the release of its January 2024 rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since January 2024 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media contact: 
Sara Wiskerchen, press@realtor.com

SOURCE Realtor.com