Home Insurance, Property Taxes Account for Record 32 Percent of Average Mortgage Payment: Report

Housing affordability is affected by growing insurance costs and property taxes, a study finds.

A 'For Sale' sign in front of a home in Arlington, Va., on Aug. 22, 2023. Andrew Caballero-Reynolds/AFP via Getty Images

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.