Low-Income Homeowners Pay More for Insurance in 34 States
“A new ValuePenguin.com analysis of the cost of home insurance revealed that homeowners living in lower-income areas pay $117 more, on average, than wealthier residents. This gap is especially pronounced in the largest cities in 34 states, or two-thirds of states across the U.S. The ‘surcharge’ that low-income homeowners face equals 1% of the median income, on average, across the largest cities’ lowest-earning neighborhoods. In some states, that figure can rise to 11% of the median income.”