Homeowners across America are feeling financial pressure despite rising home values. Median home prices have increased steadily, but many residents report lacking financial breathing room. Property taxes have risen sharply, outpacing home price growth in nearly half of major metro areas, with the national median charge jumping 25 percent between 2019 and 2024.
Insurance costs have surged even faster, with average premiums for mortgaged homes rising 62 percent to $2,300. Home insurance now absorbs 2.7 percent of median household income. Adding to the burden, insurance claim denial rates have climbed to 44 percent, the lowest payout ratio since 2015.
Maintenance and lawn care costs have also climbed significantly, driven by labor shortages linked to immigration policies and tariffs on appliances. This cumulative squeeze is fueling voter discontent ahead of midterm elections, with 56 percent of registered voters reporting they are worse off financially. Local homeowners are pushing back against data center developments, citing concerns about noise, property values, and energy costs, with several states considering tax caps or reductions.
Source: Financial Times Companies · Summarized by HeadlinesBriefing