The growing reason people can't afford to own a home [Business Insider]
NerdWallet, Inc. (NRDS)
Company Research
Source: Business Insider
The climate crisis is triggering insurance price hikes, as insurers anticipate more damage payouts. Some Americans are opting for rentals or to relocate due to the high costs of owning a home. Aspiring homeowners might be out of luck this year — and high mortgage rates are only part of the problem Rising insurance costs could keep homeownership out of reach for many. An April analysis from personal finance company Nerdwallet shows just how dire the situation is: Homeowners are now spending between $500 and $5,500 a year on insurance, depending on where they live. According to the insurance comparison shopping site Insurify , overall home insurance costs have risen about 20% in the past two years and have the potential to rise another 6% in 2024. As the economy recovers from the pandemic, the Federal Reserve has been working to fight inflation by raising interest rates, a strategy that has had a freezing effect on much of the housing market. Steep rates — which jumped to 7.1
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- 4/26/24 - Form 8-K
- 4/25/24 - Form 10-Q
- 4/25/24 - Form 8-K
- NRDS's page on the SEC website