Spiking insurance costs are cutting into Portland's housing affordability
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Home insurance costs made up 5.9% of the average mortgage payment in the Portland metro in December, up sharply from 4.2% five years earlier.
Why it matters: Rising insurance costs could put homeownership further out of reach in Portland's already-pricey housing market.
The big picture: Insurance still makes up a smaller share of housing costs here than nationally — but it's rising fast, according to ICE Mortgage Monitor, a real estate data provider, which analyzed single-family homes with mortgages that have taxes and insurance escrowed.
By the numbers: Portland's average monthly insurance payment ballooned from $62 to $129 over the past decade.
Between the lines: More frequent natural disasters, plus rising costs to rebuild homes afterward, have hiked overall insurance costs, Andy Walden, ICE's head of mortgage and housing market research, told Axios.
- Rocketing home values also lift the cost of coverage, he added.