A new study reveals that a growing number of homeowners are paying more for insurance and property taxes than their actual mortgage payments. The study highlights the strain on homeowners, particularly in certain cities, due to rising insurance costs and property tax rates.
Scores of homeowners are spending more on insurance and property taxes than they do on their mortgages, according to a troubling new study. Home insurance prices have skyrocketed as natural disasters and the rising costs of repairs have driven up rates, while property taxes have surged as the value of homes have increased, according to an analysis by Intercontinental Exchange.
The combination resulted in 32% of the average single-family mortgage payment in September going to property taxes and home insurance, the highest rate ever for data going back to 2014, the study found.Homeowners in Rochester, NY who took out mortgages on their properties pay the highest ratio of taxes and insurance, according to a study.The burden has been the hardest on homeowners in two upstate New York towns — Rochester and Syracuse — as well as in Omaha, Neb., New Orleans and Miami, according to the study, which was firstAt least a quarter of mortgage holders in those cities spend more than half of their monthly payment on taxes and insurance, the study found. In Rochester, 35% of homeowners who took out mortgages on their properties spend more than half of their monthly payment on taxes and insurance. Rochester, a city of more than 200,000 people which lies on the banks of Lake Ontario, has a median property tax rate of 2.95%, which is considerably higher than both the national median of 0.99% and the New York state median of 2.39%,In New Haven, Conn, more than one in five homeowners — 21% — pay more for taxes and insurance than their mortgage each month. Meanwhile, private insurers have fled Miami and New Orleans because claims from hurricanes and tropical storms don’t make up for high premium
Homeowners Insurance Property Taxes Mortgages Rising Costs
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