Have Your Property Taxes and Insurance Ballooned? You’re Not Alone. Here’s Why These Costs Can Exceed Mortgage Payments For Many

Increased home values, natural disaster losses, and rising construction costs have led to higher property taxes and homeowner’s insurance premiums, comprising 35% of the average monthly mortgage payment. Homeowners are seeking ways to offset these costs, such as downsizing, relocating, or cutting expenses. The median monthly housing cost is $3,096, with property taxes and insurance increasingly burdening homeowners. Many are reviewing their insurance policies and deferring large purchases to manage these rising expenses.