Nicole Friedman
speaker
798 appearances
16 recordings
1 series
first heard Aug 2017
last heard Dec 2024
Nicole Friedman’s voice in public audio — every appearance, attributed to the second.
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Appearances
A lot of those people might already be stretched thin in terms of what they can afford.
And so if those other costs end up climbing more than they expect, that could make it hard for those homeowners to stay in their homes.
Or if they're hoping to refinance, if mortgage rates go down, it might make it harder for them to qualify.
The latest analysis from Intercontinental Exchange shows that for homeowners who pay their taxes and insurance as part of their mortgage, they're paying 32% of their overall mortgage payment to property taxes and home insurance.
And that's the biggest proportion of the total payment on record in data going back 10 years.
There have been a lot of natural disasters, not just the huge hurricanes and wildfires in recent years that have made national news, but there's also smaller natural disasters like hailstorms and tornadoes.
And those all add up for home insurers.
And the cost of those disasters has really climbed, especially as more people have moved to disaster prone places.
And insurers are also facing a higher cost for reinsurance, which is the insurance that they purchase.
And so that also has been passed along to homeowners in the form of higher premiums.
And it just costs more to repair and rebuild homes than it used to because the cost of labor and materials has gone up.
And so all of that leads to higher home insurance prices, especially in disaster-prone areas like Florida and California.
But it's also affecting homeowners all over the country.
When they buy a home and they take out a mortgage, that payment is fixed for 30 years.
But these other costs like home insurance and property taxes don't stay fixed, and those can change from year to year.
And so homeowners, they do expect those
costs to go up over time.
But if those costs are rising more dramatically than they expected, that can take a big bite out of their budget.
If they're having to spend more money on insurance and taxes, that's less money that they can spend anywhere else.
So the households that are really most affected are those that are already at the edge of what they can afford to spend.
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