Homeowners' mortgages include large share for insurance payments
Why it matters: Rising costs for both insurance and property taxes threaten to make homeownership unaffordable for many.
The big picture: Nationally, a growing share of monthly payments are going toward insurance, and that's not expected to change anytime soon, according to ICE Mortgage Monitor, an industry data provider.
The analysis looks at single-family homes with mortgages that have taxes and insurance escrowed.
Between the lines: More frequent natural disasters, plus rising costs to rebuild homes afterward, have hiked overall insurance costs, says Andy Walden, ICE's head of mortgage and housing market research.
Rocketing home values also lift the cost of coverage, he tells Axios.
By the numbers: The U.S. average monthly insurance payment ballooned from $106 to $191 over the past decade, per the data.
That's practically chump change in New Orleans, where the average monthly insurance payment has leapt from $284 to $477.
What's next: Insurify, which helps people compare quotes from multiple providers, projects home insurance premiums will climb in every U.S. state by the end of 2025 — with Louisiana expected to see the nation's largest rate increase of 27% — nearly $3,000 — to $13,937, by the end of 2025.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Canadian Tourism to the U.S. Plunges in 2025—and These States Are Impacted the Most
Travel from Canada has dropped for six straight months, with some states seeing 30 percent or more Takeaway Canadians returning to the country by automobile from the U.S. declined 33.1 percent in June. In 2024, Canadian tourism generated $20.5 billion in across America are suffering from a steep decline in Canadian tourism following a tumultuous first half of 2025. Canadians returning to the country by automobile from the United States declined 33.1% in June, compared to the same time last year, according to Canada's national statistical agency. And Canadians returning from the U.S. by air dropped 22.1 percent. In fact, the agency said June was the sixth consecutive month of year-over-year automobile declines. The dip in Canadian tourists follows a turbulent political year that saw President Donald Trump campaign to make the country the '51st state." In February, then-Prime Minister Justin Trudeau called for Canadians to not spend their money on vacations in the U.S, instead asking them to "choose Canada" and change their "summer vacation plans to stay here in Canada and explore the many national and provincial parks, historical sites and tourist destinations our great country has to offer," according to The New York Times. As of April, advance bookings for flights from Canada to the U.S. between April and September were down more than 70% compared to the same time last year, according to Axios, citing statistics from aviation data firm OAG. Even just a small dip in tourism could be very costly since Canadian travelers typically account for the highest number of international visitors to the U.S., according to the U.S. Travel Association. In 2024 alone, a total of 20.4 million Canadians visited the country, generating $20.5 billion in spending. A 10 percent reduction in visitor numbers, for example, would equate to a potential loss of $2.1 billion. Some states will likely suffer more than others—Florida, California, Nevada, New York, and Texas tend to be the most popular states for Canadian visitors—but others have started to feel the crunch as well. In New Hampshire, which borders the eastern part of Canada, officials are seeing a dramatic drop in Canadian tourism. "Absolutely, the Canadian numbers are lower this year, for sure," Taylor Caswell, New Hampshire's commissioner for business and economic affairs, told local WMUR-TV. "They're running at about 30 percent underneath what we've seen in prior years." In Montana, credit card transactions have shown the impact of fewer tourists. Spending by Canadians in Kalispell, in the western part of the state, has decreased by an average of about 37 percent per month from January to April, Diane Medler, the executive director of Discover Kalispell, told NBC Montana. In nearby Whitefish, Canadian credit card spending has dropped 25 percent through the month of May, Zak Anderson, the executive director at Explore Whitefish, told the network. But not everyone is giving up. In September, for example, New Hampshire is planning its own trade delegation visit, WMUR-TV reported. "We're going to continue to focus on our relationships with Canada, which are quite important," the state's Gov. Kelly Ayotte said, according to the network. Read the original article on Travel & Leisure
Yahoo
2 hours ago
- Yahoo
Sugar Prices Jump on Reports of Lower Cane Yields in Brazil
October NY world sugar #11 (SBV25) on Friday closed up +0.24 (+1.50%), and October London ICE white sugar #5 (SWV25) closed up +8.80 (+1.90%). Sugar prices settled sharply higher Friday on concern about smaller sugar supplies from Brazil. Covrig Analytics on Friday said that reports of smaller cane yields from Brazil's sugar farmers may knock Brazil's 2025/26 sugarcane production below 600 MMT, much lower than Brazilian government crop forecasting agency Conab's forecast of 663.4 MMT. More News from Barchart Coffee Prices Surge as Supplies Tighten How Are US Grain Exports Doing? Coffee Prices Rally on Signs of Tighter Supplies Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Strength in the Brazilian real (^USDBRL) was also a supportive factor for sugar prices as the real rallied to a 1-month high against the dollar on Friday, discouraging export sales from Brazil's sugar producers. On Tuesday, sugar prices fell to 5-week lows on signs of stronger sugar production in Brazil. Last Thursday, Unica reported Brazil's Center-South sugar output in the first half of July rose +15% y/y to 3.4 MMT. Also, the amount of sugarcane being crushed for sugar by Brazil's sugar mills has increased to 54% from 50% the same time last year. The outlook for higher sugar exports from India is negative for sugar prices after Bloomberg reported that India may permit local sugar mills to export sugar in the next season, which starts in October, as abundant monsoon rains may produce a bumper sugar crop. India's Meteorological Department reported Tuesday that cumulative monsoon rain in India was 500.8 mm as of August 4, or 4% above normal. Also, the Indian Sugar and Bio-energy Manufacturers Association said last Thursday that it will seek permission to export 2 MMT of sugar in 2025/26. The outlook for higher sugar production in India, the world's second-largest producer, is bearish for prices. On June 2, India's National Federation of Cooperative Sugar Factories projected that India's 2025/26 sugar production would climb +19% y/y to 35 MMT, citing larger planted cane acreage. That would follow a -17.5% y/y decline in India's sugar production in 2024/25 to a 5-year low of 26.2 MMT, according to the Indian Sugar Mills Association (ISMA). Sugar prices have retreated over the past four months, with NY sugar falling to a 4.25-year low last month and London sugar sliding to a 4-year low, driven by expectations of a sugar surplus in the 2025/26 season. On June 30, commodities trader Czarnikow projected a 7.5 MMT global sugar surplus for the 2025/26 season, the largest surplus in 8 years. On May 22, the USDA, in its biannual report, projected that global 2025/26 sugar production would increase by +4.7% y/y to a record 189.318 MMT, with global sugar ending stocks at 41.188 MMT, up 7.5% y/y. Signs that the recent slide in sugar prices to 4-year lows has sparked a pickup in demand are positive for sugar prices. China's June sugar imports soared by 1,435% to 420,000 MT. Also, Coca-Cola agreed to use cane sugar in Coke beverages sold in the US instead of high-fructose corn syrup, which could boost US sugar consumption by +4.4% to 11.5 MMT from 11 MMT currently, according to Bloomberg Intelligence. Sugar prices also have support from reduced sugar production in Brazil. Unica reported last Thursday that the cumulative 2025/26 Brazil Center-South sugar output through mid-July fell by -9.2% y/y to 15.655 MMT. Last month, Conab, Brazil's government crop forecasting agency, said 2024/25 Brazil sugar production fell by -3.4% y/y to 44.118 MMT, citing lower sugarcane yields due to drought and excessive heat. The outlook for higher sugar production in Thailand is bearish for sugar prices. On May 2, Thailand's Office of the Cane and Sugar Board reported that Thailand's 2024/25 sugar production rose +14% y/y to 10.00 MMT. Thailand is the world's third-largest sugar producer and the second-largest exporter of sugar. The International Sugar Organization (ISO) raised its 2024/25 global sugar deficit forecast to a 9-year high of -5.47 MMT on May 15, up from a February forecast of -4.88 MMT. This indicates a tightening market following the 2023/24 global sugar surplus of 1.31 MMT. ISO also cut its 2024/25 global sugar production forecast to 174.8 MMT from a February forecast of 175.5 MMT. The USDA, in its bi-annual report released May 22, projected that global 2025/26 sugar production would climb +4.7% y/y to a record 189.318 MMT and that global 2025/26 human sugar consumption would increase +1.4% y/y to a record 177.921 MMT. The USDA also forecasted that 2025/26 global sugar ending stocks would climb +7.5% y/y to 41.188 MMT. The USDA's Foreign Agricultural Service (FAS) predicted that Brazil's 2025/26 sugar production would rise +2.3% y/y to a record 44.7 MMT FAS predicted that India's 2025/26 sugar production would rise +25% y/y to 35.3 MMT due to favorable monsoon rains and increased sugar acreage. FAS predicted that Thailand's 2025/26 sugar production will climb +2% y/y to 10.3 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
Yahoo
6 hours ago
- Yahoo
Marjorie Taylor Greene's Palantir Bet Has Skyrocketed 142% Since She Bought It
Rep. Marjorie Taylor Greene (R-Ga.)'s investment in Palantir has seen an impressive surge of 142% since April. What Happened: Greene, who is a member of the House Homeland Security Committee, acquired shares in Palantir (NASDAQ:PLTR) just days before Immigration and Customs Enforcement (ICE) granted the company a $30 million contract. Greene has clarified that her portfolio is managed by her financial adviser and she was not privy to the trades until they were reported. Quiver Quantitative, a platform that monitors the stock market activities of politicians, highlighted that Palantir's stock has risen by 142% from its position on April 8, which is the date when Greene made her also invested in additional Palantir stock on July 15, which has yielded a substantial profit. Also Read: Marjorie Taylor Greene's Response To Trump Bombing Iran: 'Let Us Pray That We Are Not Attacked By Terrorists On Our Homeland' As per financial news outlet Benzinga, Greene's portfolio was ranked 23rd in performance among Congressional members in the previous year, generating a return of 30.2% on stock transactions. Greene has credited her success to her financial adviser and has brushed off criticism as 'laughable'. Why It Matters: The significant rise in Palantir's stock value following Greene's investment raises questions about the timing of her purchase. The fact that the surge came just days before ICE awarded Palantir a hefty contract is noteworthy. However, Greene has maintained that she was not aware of the trades until they were reported, attributing her investment decisions to her financial adviser. This incident underscores the potential for conflicts of interest in the stock market activities of politicians, a topic that has been a subject of debate in recent times. Read Next Marjorie Taylor Greene Promises To 'Lock Up' Anthony Fauci For Handling Of Pandemic: 'Should Be Tried For Crimes Against Humanity' Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? PALANTIR TECHNOLOGIES (PLTR): Free Stock Analysis Report This article Marjorie Taylor Greene's Palantir Bet Has Skyrocketed 142% Since She Bought It originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
