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Wealthy benefit disproportionately from the mortgage interest deduction

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They also buy more expensive homes that employ more people to build them.

If you do not like the tax situation then support the FAIR TAX, it eliminates all these breaks for the rich. Same rate for all!


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Gary And Alla

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Two things I find interesting about this story.

First, about 1/4 of people making over $100,000 a year still aren't buying a home. Unless they already own their home, that's pretty bad.

Second, the level of "wealthy" has now been lowered to just $75,000.

"But not only do the wealthy disproportionately claim the mortgage interest deduction. They disproportionately benefit from it, as well. Twenty percent of tax filers report an income of $75,000 or more. In 2009, these tax filers reaped 60 percent of the financial benefits from the deduction. Tax filers with an income of $20,000 to $40,000, on the other hand, make up 23 percent of all returns."

Maybe we should bring back sub prime loans to solve this problem, eh?


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Is that bad? I actually thought that was pretty good?

I think it's bad. If you can't purchase a home with a $100,000 salary then either housing prices are either still too high in a lot of areas of the country, or people are in serious debt, or there are just that many people who don't believe in owning. None of which is good.


20-July -03 Meet Nicole

17-May -04 Divorce Final. I-129F submitted to USCIS

02-July -04 NOA1

30-Aug -04 NOA2 (Approved)

13-Sept-04 NVC to HCMC

08-Oc t -04 Pack 3 received and sent

15-Dec -04 Pack 4 received.

24-Jan-05 Interview----------------Passed

28-Feb-05 Visa Issued

06-Mar-05 ----Nicole is here!!EVERYBODY DANCE!

10-Mar-05 --US Marriage

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I think it's bad. If you can't purchase a home with a $100,000 salary then either housing prices are either still too high in a lot of areas of the country, or people are in serious debt, or there are just that many people who don't believe in owning. None of which is good.

Sometimes renting is cheaper than paying property taxes and mortgage interest.


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Sometimes renting is cheaper than paying property taxes and mortgage interest.

Plus, there are a number of folks in that income range that want to remain flexible in terms of location. If you know or even feel that your career path has frequent moves attached to it, then why buy?

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I think it's bad. If you can't purchase a home with a $100,000 salary then either housing prices are either still too high in a lot of areas of the country, or people are in serious debt, or there are just that many people who don't believe in owning. None of which is good.

Where I live anyone who earns that salary will only be able to afford a crappy condo in an okay area on a conventional mortgage, and that's with prices declining 30-50% since the crash. And guess what? Prices are are still coming down. Where I live, not buying over the past 6-7 years has been a smart move.

Edited by Trompe le Monde

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Where I live anyone who earns that salary will only be able to afford a crappy condo in an okay area on a conventional mortgage, and that's with prices declining 30-50% since the crash. And guess what? Prices are are still coming down. Where I live, not buying over the past 6-7 years has been a smart move.

Even with interest rates being as low as they are? I live in OC and I'm pretty confident that if I was going for a 30 year loan today with $100K, I'd get a house.


20-July -03 Meet Nicole

17-May -04 Divorce Final. I-129F submitted to USCIS

02-July -04 NOA1

30-Aug -04 NOA2 (Approved)

13-Sept-04 NVC to HCMC

08-Oc t -04 Pack 3 received and sent

15-Dec -04 Pack 4 received.

24-Jan-05 Interview----------------Passed

28-Feb-05 Visa Issued

06-Mar-05 ----Nicole is here!!EVERYBODY DANCE!

10-Mar-05 --US Marriage

01-Nov-05 -AOS complete

14-Nov-07 -10 year green card approved

12-Mar-09 Citizenship Oath Montebello, CA

May '04- Mar '09! The 5 year journey is complete!

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Even with interest rates being as low as they are? I live in OC and I'm pretty confident that if I was going for a 30 year loan today with $100K, I'd get a house.

How much can you afford with a $100k salary? A $400-500k home? In NYC, that's a tiny studio.


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