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Its not difficult if you buy something similar size to what you are renting and hold it for 5+ years. The tax credits, inflation working in your favor (instead
by fictioncircle 9y ago
Its not difficult if you buy something similar size to what you are renting and hold it for 5+ years.
The tax credits, inflation working in your favor (instead of against) alone is generally enough to cover the fee after 5 years.
- snikeris 9y agoSurprisingly, only 63% of homeowners itemize their deductions (which is how you take the mortgage interest deduction). The tax benefits of home ownership is sometimes overstated. https://www.nahb.org/en/research/housing-economics/special-studies/archives/mortgage-interest-and-real-estate-tax-deductions-policy-issues-2008.aspx https://www.nahb.org/en/research/housing-economics/special-s...
- brewdad 9y agoThat same article states that 94% of mortgage interest gets itemized and that 32% of homeowners have paid off their mortgages. The mortgage interest deduction helps most homeowners, at least until they are no longer paying any interest.
- fictioncircle 9y ago63% is still a clear majority and for the people in CA its a non-negligible thing. The 37% are mainly rural/midwest where the houses are under $500k.