Maxwell's recent report highlights a concerning trend where the rising costs of homeowners insurance and property taxes are prompting families to reconsider their long-term housing stability. A survey of 1,200 homeowners showed that over half are considering relocating due to increased financial burdens. Almost half of respondents worry about their ability to maintain homeownership amidst these rising costs. Individual testimonies reveal extreme increases in insurance premiums, causing homeowners to explore alternative options or forgo insurance altogether. This growing concern is linked to broader issues of climate change and shifting policy landscapes.
Maxwell co-founder and CEO John Paasonen noted that rising homeowners insurance and taxes are pushing families to reconsider their living situations despite low mortgage rates, emphasizing their financial strain.
The report revealed that 57% of surveyed homeowners are contemplating a move to avoid escalating costs, with nearly half expressing worries about their sustained ability to afford homeownership.
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