Part 6/10:
A concrete example of this crisis is a New Orleans couple who purchased their home in 2015. They now pay more than $2,400 a month for property taxes and insurance, which dwarfs their fixed mortgage payment. As they edge closer to retirement, they face potential life-changing decisions about their living situation—decisions that many aging homeowners are now confronting.
Trends and Predictions
Such increases in housing-related costs do not appear to be a temporary issue. Projections indicate that these expenses are likely to continue their upward trajectory. For example, property taxes typically rise year-over-year unless actively contested and adjusted. Homeowners insurance has few paths to reduction other than relocation to less risky areas—another task fraught with difficulty.