The economic benefits of a strong housing market are clear. Housing has contributed 17-19 percent of the national gross domestic product on average over the past four decades, it still accounts for 15 percent of GDP despite ongoing challenges to housing markets around the country. Home ownership remains the greatest tool for wealth creation our nation’s families have. There has been talk about repealing the mortgage deduction which would yank the safety net from millions of Americans.
There are those who would have you believe that the mortgage interest deduction only benefits the upper income, but that is not true!
Housing provides our economy with a stable ground, but it also give our nation a more even playing field with regard to wealth equality….more than half of home equity is held by the middle and lower income households.
Let’s hope that they don’t yank the safety net our from under millions of U.S. households as they stride toward the American dream!