The Wall Street Journal recently chronicled the rising costs homeowners are facing – not just with their mortgage – but rather with other hidden costs, such as insurance premiums, property taxes, HOA fees, maintenance costs, and utility charges. Collectively, these non-mortgage costs have now become larger than the mortgage payment, according to a 2022 Fannie Mae analysis, making homeownership increasingly more difficult to attain and sustain.
Homeownership affordability is at its lowest levels since the 1980s. While mortgage rates have fallen slightly after reaching a 23-year high last year, home maintenance costs continue to rise for working families across the country.
Considering an increase in natural disasters, such as hurricanes, flooding, and other severe weather events, home insurance premiums have jumped substantially in recent years. Nineteen states alone saw a 10 percent increase in home insurance rates in 2023.
Seeing a need to address rising home insurance premiums and construct homes with resiliency in mind, lawmakers in Florida went to work last year, passing H.B. 799, which requires insurance companies to provide premium reductions for homes with wind uplift prevention solutions. When applied to an unvented attic, spray foam insulation helps keep a home’s roof intact in high wind events like hurricanes. H.B. 799 goes a long way to help prevent the roof of a home from being lost in the face of a natural disaster.
Spray foam not only helps to strengthen the overall structure of a home, but it also makes a home more energy efficient by creating an airtight seal that prevents air leaks and heat transfer through walls, ceilings, and floors. Making a home more energy efficient becomes important when it’s realized the dramatic rise of utility costs. As the country moves towards clean energy, electricity will be increasingly utilized as a main source for how Americans power their lives, but with that are concerns that an increase in electricity reliance will result in many consumers paying more for their energy needs. The Wall Street Journal Editorial Board recently noted that electricity prices have increased by nearly 30 percent since early 2021, outpacing the rate of overall inflation by about 50 percent.
Electricity usage can be offset if a home’s building envelope is designed to be as efficient as possible. By using building materials, such as spray foam insulation, homeowners can easily insulate and air seal their homes so they can rest assured that the energy used to power their lives is maximized, reducing energy usage and cost. Promoting energy efficient buildings and materials also helps to ease the stress on the power grid, ensuring that our power stays on despite the elements.
Spray foam insulation is the all-in-one solution that helps defray the rising costs associated with homeownership, all while keeping your home more structurally sound in extreme weather events and comfortable all year.