Some Homeowners’ Taxes and Insurance Cost More Than Their Mortgage

单集文稿 ...

• 00:02

  Here's your money briefing for Tuesday, December 31, I'm JR Whalen for the Wall Street Journal.

• 00:10

  Many prospective home buyers are finding the numbers are stacked against them.

• 00:14

  Property taxes and home insurance costs are in some cases bigger than their monthly mortgage payments.

• 00:20

  A lot of those people might already be stretched thin in terms of what they can afford,

• 00:26

  and so if those other costs end up climbing more than they expect,

• 00:30

  that could make it hard for those homeowners to stay in their homes or if they're hoping to refinance,

• 00:36

  if mortgage rates go down, it might make it harder for them to qualify.

• 00:40

  Wall Street Journal housing reporter Nicole Friedman will join us after the break.

• 00:58

  The cost of repairs and rebuilding following natural disasters in certain parts of the country is affecting homeowners nationwide,

• 01:06

  Wall Street Journal reporter Nicole Friedman joins me.

• 01:09

  Nicole, how much of property tax and home insurance costs risen recently?

• 01:13

  The latest analysis from Intercontinental Exchange shows

• 01:17

  that four homeowners who pay their taxes is an insurance as part of their mortgage.

• 01:23

  They're paying 32% of their overall mortgage payment to property taxes and home insurance,

• 01:30

  and that's the biggest proportion of the total payment on record in data going back 10 years.

• 01:36

  There have been a lot of natural disasters,

• 01:38

  not just the huge hurricanes and wildfires in recent years that have made national news,

• 01:44

  but there's also smaller natural disasters like hail storms and tornadoes,

• 01:49

  and those all add up for home insurers, and the cost of those disasters has really climbed,

• 01:56

  especially as more people have moved to disaster-prone places.

• 全部文稿