Way back in 1789, Benjamin Franklin wrote, “In this world, nothing is certain except death and taxes.” As Franklin warned, tax day has come around again for those in the United States. However, it’s unlikely he could have predicted the financial struggles many homeowners face now when it comes to balancing taxes and insurance costs in addition to their mortgage payments.
In September 2024, the Intercontinental Exchange found that around 32% of the average single-family mortgage payment went toward insurance and taxes — the highest rate recorded in the last decade. For some, that burden is even greater, with Realtor.com reporting that about 9% of single-family mortgage holders pay more than half the amount of their mortgage for taxes and insurance.
Of course, where a person lives will heavily influence the taxes they pay. Recently, WalletHub crunched the numbers to see which states’ residents carry the largestburdens, considering income taxes, property taxes and sales and excise taxes.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
