While home prices and mortgage rates often dominate affordability discussions, property taxes and homeowners insurance are taking up a growing share of monthly housing costs across the U.S., according to a report released Wednesday by Missouri-based Neighbors Bank.

The report, “The ‘Hidden’ Costs Causing Monthly Housing Payments To Rise,” found that taxes and insurance account for an average of 21% of monthly mortgage payments nationwide. This adds hundreds — and in some cases, thousands — of dollars to homeowners’ bills.

The study examined nearly 450 U.S. metropolitan areas, with researchers using recent home values, property tax data and homeowners details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com