Mortgage interest rates in the U.S. are likely to remain higher for longer than many homeowners and prospective home buyers had hoped. It also doesn't help consumers in the market to buy a home that home prices have doubled over the last decade, according to Insurify and the Case-Shiller U.S. National Home Price Index. This happened alongside the increasing frequency and severity of natural catastrophes, which drags on the economy (and ultimately consumers) is a myriad of ways. These are just some pieces of the pricing pie that continues to drive up home insurance rates. The average cost of home insurance for a $300,000 property in the U.S. went up 12% in 2023, according to Insurify's early 2024 report on home insurance affordability. Consumers who are feeling squeezed by the current economic conditions are cutting back on non-essentials items, entertainment, and higher-priced grocery items. Those who are feeling especially squeezed by their local housing market may be looking to relocate, Insurify reports. The slideshow above illustrates 10 states where Insurify indicates the increase in home costs — including insurance — have prompted residents to consider moving. Related: |
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
