The population remains mobile as extreme weather knocks large regions
These days people are more transient, less grounded by geographical roots and familial connections. Perhaps we have become more willing to move when life throws us lemons — choosing to make lemonade somewhere else.
Economists track migration trends, and cities watch such data closely. One recent study by real estate brokerage Redfin revealed that the top U.S. cities that residents are looking to move from include Eugene, Oregon; Southbend, Indiana; Orlando, Florida; Milwaukee; Austin, Texas; Chicago; New York; San Francisco; Miami; and Columbia, South Carolina. Reasons for these migrations vary, ranging from excess traffic and crime to higher costs of living and taxes.1
Because the residential real estate market continues to be competitive,2 it’s a good time for retirees and near-retirees to take a good look at their financial portfolio. In other words, a home is not just where the heart is — it’s also a financial asset. If you’d like to consider ideas that may help with your retirement income, we’ve got ideas we’d be happy to share and tailor to your needs.
Extreme weather
However, the real estate market is not without significant headwinds. Extreme weather events have created a headache even for those with luxury holdings — such as coastal and other flood-prone areas. Congress and FEMA are working on ways to better secure the National Flood Insurance Program – including advocating a private flood insurance market in the future.3
In recent months, homes in the low-lying plains of the Midwest have experienced rampant and serious flooding. In March, a “bomb cyclone” combined hurricane-speed winds and blizzard conditions with heavy rains that placed large parts of Nebraska and a few other states underwater.4 The subsequent problems include more than just damage to homes and businesses, they also include the scarcity of potable drinking water, corroding infrastructure and even blocked access to some communities.5
When it comes to buying, selling and relocating, there’s a whole host of concerns homeowners must consider, including the potential for flooding and mudslides caused by heavy rains, as well as damage from other natural disasters. Please make sure you are adequately insured.
Content prepared by Kara Stefan Communications.
1 Doug Whiteman. MoneyWise.com. March 18, 2019. “People Living in These US Cities Are Most Eager to Get Out.” https://moneywise.com/a/people-in-these-us-cities-most-want-to-get-out. Accessed March 18, 2019.
2 National Association of Realtors. March 6, 2019. “Majority of Real Estate Firms Remain Optimistic, Evolving Technology Remains a Challenge.” https://www.nar.realtor/newsroom/majority-of-real-estate-firms-remain-optimistic-evolving-technology-remains-a-challenge. Accessed March 18, 2019.
3 National Association of Realtors. March 13, 2019. “Realtors Testify to House Committee on National Flood Insurance Program.”https://www.nar.realtor/newsroom/realtors-testify-to-house-committee-on-national-flood-insurance-program. Accessed March 18, 2019.
4 Gabriella Borter. Reuters. March 16, 2019. “Historic floods hit Nebraska after ‘bomb cyclone’ storm.”https://www.reuters.com/article/us-usa-weather-idUSKCN1QY00Y. Accessed March 18, 2019.
5 Amir Vera. CNN. March 17, 2019. “Nebraska floods have broken records in 17 places across the state.”https://www.cnn.com/2019/03/17/us/nebraska-flooding-sunday-wxc/index.html. Accessed March 18, 2019.
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