Here’s the homeowners insurance cost burden by state, as told by one map
Here’s the homeowners insurance cost burden by state, as told by one map
Freddie Mac recently published updated home insurance data for all 50 states. Here’s where the costs were highest—and lowest—compared to income.
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Freddie Mac recently published updated home insurance data for all 50 states. “We find that the effective [homeowners] insurance rates were the highest in the central U.S., leading to notable cost burdens in several states within this region. Among all income groups, lower-income borrowers were more challenged,” wrote Freddie Mac economists. They added: “While the costs of [homeowners] insurance remain a small fraction of housing expenses, it’s a trend that we will continue to track going forward.”
Among U.S. states, these five had the lowest homeowners insurance cost burden, indicating the proportion of mortgage borrowers’ monthly income dedicated to home insurance premiums in 2023.
- Oregon: 0.90%
- Utah: 0.90%
- California: 1.00%
- New Hampshire: 1.00%
- New Jersey: 1.00%
These five states had the highest homeowners insurance cost burden.
- Louisiana: 3.30%
- Oklahoma: 3.00%
- Kansas: 2.60%
- Mississippi: 2.60%
- Nebraska: 2.60%
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