A new study found that home insurance and property taxes account for a record share of homeowners’ monthly mortgage payments.
Home insurance costs have surged by about 5 percent since January 2023. Natural disasters, ballooning repair costs, and growing industry consolidation drove the increase.
With soaring property values, growing populations, and struggling government funding, monthly property tax bills have risen by nearly 30 percent over the past five years, to a monthly median of $250, according to a report by Redfin. In addition, they have jumped in 48 of the 50 most populous metros.
Put this together, many homeowners are dedicating more of their finances to insurance and property taxes than their mortgages, according to a new study conducted by Intercontinental Exchange….