As climate-related disasters grow more frequent—from wildfires and heat waves to hurricanes and floods—more people are wondering whether relocating to a safer region is the right choice. Only 11% of SaverLife members say they can afford all of the costs associated with preparing for a severe weather event, while 54% say they can afford none or just a few of the costs.
For low- to moderate-income households, especially women and families, the financial impact of climate change can be severe. SaverLife research shows that members in disaster-affected areas often see increased expenses, reduced savings, and greater housing instability after extreme weather events.
If you’ve been questioning whether to stay or relocate, here’s a streamlined guide to help you think it through.
How Climate Change Affects Your Finances
Extreme weather doesn’t just disrupt your life—it affects your wallet. Rising insurance premiums, costly repairs, higher utility bills, and frequent evacuations can strain your budget. SaverLife data reveals that many households, especially those with limited emergency savings, struggle to recover even from a single climate-related expense.
Is Moving the Right Move? Key Questions to Ask
A. Are safety and stability getting worse?
Think about how often you face heat advisories, smoke, flooding, or storms—and whether you’ve had to repair your home, evacuate, or deal with insurance issues.
B. Are the costs of staying unsustainable?
Consider rising rent, insurance cancellations, property value shifts, or expensive home maintenance tied to weather.
C. Can you afford the upfront cost of relocating?
Movers, deposits, and lost work time add up. The short-term financial and emotional strain of moving can be daunting, it’s important to weigh that against the potential long-term benefits.
D. How would a move affect your work, childcare, and support systems?
Your income and daily support networks matter as much as climate risk.
What to Look for in a New Location
If you’re exploring a climate-safer area, compare:
- Climate risk: wildfire, flood, heat, or storm projections
- Housing and cost of living: rent, utilities, and insurance availability
- Jobs and wages: especially if moving affects work opportunities
- Community resources: healthcare, transit, childcare, social programs
The Financial Side of Relocation
Relocating has real costs. Before making a decision:
- Estimate moving expenses
- Compare new housing costs with your current ones
- Build an emergency fund (even a little bit can go a long way in helping you feel more prepared)
You may also be eligible for assistance from FEMA, state programs, rental assistance, or local nonprofits.
If You Decide to Stay
You can still strengthen your resilience:
- Understand the risks in your area and create a family emergency plan.
- Planet Ready has tools and resources to help you get started.
- Take steps to reduce home risk (fireproofing, flood prep, emergency kits)
- Visit Ready.gov for tips.
- Protect your critical documents. This resource from FEMA can help you plan.
- Update or shop around for insurance
- Build savings gradually
- Look into local resources for disaster preparedness and financial counseling
Bottom Line
Climate migration is a major decision—emotionally, financially, and logistically. There’s no single right choice. But by understanding your risks, comparing costs, and planning ahead, you can make an informed decision that protects your health, safety, and long-term financial stability.
