Thousands of Americans are leaving homes in flood-risk areas. But where are they moving to?

For more than four decades, the US government has been paying cities and states to move homeowners away from areas that are at high risk of severe flooding.

When a hurricane or major flooding event devastates an area, a neighborhood can send a request for the local or state government to buy the impacted land and give residents money to start over someplace else.

The Federal Emergency Management Agency's buyout program is a form of so-called "managed retreat" - a long process that relocates people, businesses, homes and infrastructure to an area that's safer from the impacts of climate change-fueled weather events. But until recently, little was known about where people ultimately moved and whether their new location actually reduced their flood risk.

A new study published in the journal Environmental Research Letters - which coincides with a managed retreat conference unfolding in New York City this week - provides a clearer picture of these home buyouts.

Data from thousands of home buyouts shows people aren't moving that far from their original homes - and often they are moving within the same floodplain. But overall, their risk of flooding decreased after the move, a nod to the program's success. Researchers also found that race has played a role in who is moving and where they're relocating to.

"As climate change and rising insurance costs increase the pressures to retreat from the coast and flooded areas, we need to pay more attention to where people are going," James Elliott, a professor of sociology at Rice University and a co-author on the study, told CNN.

The findings "point to how the program plays out differently in different types of communities and neighborhoods across the country," he said.