US Insurance Premiums Are Reshaping Affordability

From 2018 to 2024, avg. annual premiums at mortgage origination climbed from $1.27K to $1.86K, far faster than inflation over that period nationally.
Premiums also took a bigger income share, moving from ~1.9% to ~2.3% at origination, while the share spending >3% reached ~1 in 6.
The burden was not explained by hazard risk alone; it reflected borrower finances, property conditions, neighborhood traits, and wider geographic market conditions.
Lower-income borrowers faced a double burden, paying higher insurance costs per $1K of home value, while stronger credit profiles were linked to lighter burdens.
Nationally, the findings pointed to a growing need for market-level data and tailored responses, because insurance affordability pressures varied locally and lacked one solution.