Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners

[Zorro]

Soaring costs for home insurance and property taxes are busting homeowners’ budgets.

Insurers have pushed big rate increases because of losses from natural disasters and rising costs to repair homes. Surging home values in recent years, meanwhile, have lifted property taxes for many homeowners.

These ballooning expenses are rewriting the math of homeownership. In September, 32% of the average single-family mortgage payment went to property taxes and home insurance, the highest rate ever for data going back to 2014, according to Intercontinental Exchange.

The analysis is based on borrowers who use escrow accounts to pay their taxes and insurance as part of their monthly mortgage payments.

https://www.wsj.com/economy/housing/home-insurance-property-tax-vs-mortgage-cost-43ab76ed?st=J5rumw&reflink=desktopwebshare_permalink

[RockRaven]

1. All those states that hype up the fact they don't have income tax, or sales tax,

don't just skip the taxing nor the spending, they simply get their revenues from whatever type of tax they are conspicuously silent about amidst their bragging. Every state has property taxes, and some are much higher than others.

[usonian]

2. Related discussion

https://www.democraticunderground.com/111699211