<p>Climate change is rapidly transforming the housing landscape. This study examines how racial and economic factors interact to shape new homebuyers’ exposure to climate risks that may impact their ability to accumulate capital, maintain their homes, and affect overall well-being in a rapidly transforming housing landscape. Homebuyer and property characteristics from the Home Mortgage Disclosure Act (HMDA) are merged at the tract level with the Federal Emergency Management Agency (FEMA)’s National Risk Index to characterize communities’ natural disaster vulnerabilities and how exposure to these risks is structured by buyer and loan characteristics using a series of nested OLS regression models with interactions. Results show that Black, Hispanic, and Asian homebuyers are more likely to purchase homes in neighborhoods with greater natural disaster exposure than their white counterparts, even after controlling for economic resources. Analyses of the interactions between race and economic vulnerabilities further indicate that minority homebuyers with lower relative incomes and/or subprime loans tend to purchase in areas with greater expected annual losses than similarly situated white homebuyers. These findings suggest that climate risk exposure represents an important dimension of housing inequality that may compound existing socioeconomic disparities in homeownership outcomes</p>