all sorts of doom and gloom in this report including stuff like this
"The rising cost of homeownership is partially explained
by steep increases in insurance premiums and property taxes. Home insurance premiums jumped 57
percent from 2019 to 2024, according to Freddie Mac.
The sharpest increases were in areas with the greatest
risk of a climate-related disaster. In Miami, annual
premium rates average $17.20 per $1,000 of coverage,
according to the ICE Mortgage Monitor, or an annual
payment of more than $11,000 on the metro’s median priced home (of $644,000).
Rising construction costs and the scale and frequency
of disasters have prompted private insurers not only to
raise premiums, but in some cases to reduce coverage
or pull out of markets entirely, as in California, Florida,
and Louisiana. In response, homeowners are turning
to public Fair Access to Insurance Requirement plans
and the National Flood Insurance Program. However,
like private insurers, these programs face the threat of
insolvency. Against this backdrop, the number of uninsured homeowners, estimated at 6.1 million households
in 2021, has almost certainly risen.
Property taxes also increased an average of 12
percent between 2021 and 2023, lifting the average
annual tax bill to $4,380, according to the ACS. Some
state and local governments have implemented
tax abatement programs, typically targeted to low income and older adult households. However,
discounts are often limited, as property taxes are
one of the few sources of local revenue."