Escrow payments rising nationwide with homeownership less attainable

Rising escrow payments, driven by increased insurance premiums, are making homeownership less attainable in the U.S., according to a Cotality analysis. The analysis projects an 8% increase in insurance premiums nationwide by 2026, exacerbating the financial strain on homeowners. This trend is particularly pronounced in states like Florida and Colorado, where natural disasters have led to significant increases in escrow payments, up to 57%. Economists warn that these rising costs, coupled with the uncertainty of future insurance premiums, threaten the stability of the housing market and the financial security of homeowners.