A recent LERETA survey of 1,000 homeowners reveals that 68% have faced increased mortgage payments due to rising property taxes and insurance premiums, with over half surprised by these hikes. Nearly half indicated that a further increase in payments would cause financial hardship. The findings also suggest that 49% would consider selling their homes if property taxes escalate, while 27% would do so due to increased insurance costs. LERETA's CEO emphasizes the importance of understanding escrow accounts to mitigate confusion regarding these financial pressures.
The rising costs of homeownership, driven by escalating property taxes and insurance premiums, pose significant challenges for homeowners across the country, said Walsh.
Almost half (44%) of respondents also said they would experience hardship if their mortgage payments increased.
LERETA highlighted that 68% have experienced monthly mortgage payment increases due to rising property taxes and insurance premiums.
45% of respondents mistakenly believe their payments cannot change with a fixed-rate mortgage, up from 36% in 2024.
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