Homeowners who bought their homes before the housing market boom are facing increased financial burdens. As home values surge, property taxes and insurance costs are skyrocketing. This combination is eating away at monthly mortgage payments like never before.
According to recent reports by the Wall Street Journal, a record 32% of average mortgage payments went towards taxes and insurance in September. This marks the highest rate since data collection began in 2014 by the Intercontinental Exchange.
Source: https://www.newser.com/story/361507/taxes-insurance-take-record-bite-of-homeowners-finances.html