The New Home Affordability Hurdle: Keeping The Lights On
Whether it’s wars, wildfires, inclement weather or growing energy demand, electricity prices are rising and have been for some time. With the closing of the Strait of Hormuz, Americans are witnessing yet another inflection point that could further spike their electric bills. That uncertainty adds another notch of anxiety for homeowners. Homeownership was once viewed as financially more predictable than renting and absorbing annual rent increases. But regularly rising property taxes, homeowners insurance and HOA fees have changed that in recent years — and those don’t account for the higher mortgage rates and home values creating greater costs simply to purchase a home in the first place. Now you can add utilities to the list of expenses impacting home affordability and giving potential homebuyers pause.
