At the end of the day, I'm guessing that most people price housing as mortgage + insurance. If insurance costs go up, the price of the underlying property has to go down in order to meet a monthly payment target. So some of that is probably already going on.
> Florida currently has the most expensive insurance premiums in the nation. According to data by Insurify, a national insurance data collection group, Florida's projected cost of property insurance averages about $11,000 a year.
> ValuePenguin’s study shows Florida’s property insurance has increased 72% in the last five years, with the number of homeowners who can’t get coverage through private insurers going up 400%.
The US is currently spending ~$1T/year on climate costs.
https://www.cfpublic.org/housing-homelessness/2025-01-10/cen...
https://www.newsweek.com/map-reveals-scale-florida-property-...
https://www.bloomberg.com/news/articles/2025-06-17/us-spendi... | https://archive.today/EBmaI
https://www.theguardian.com/environment/2023/oct/09/climate-...
I would go as far as to say it's actually mortgage + insurance + taxes in most states. Very likely to be paying anywhere from $5,000 to $10,000 in county + school taxes per year which by itself is enough to make the home suddenly unaffordable even if you bought it 10 years ago at a great price and rate.