People don’t really need to own their own homes. They are still going to live somewhere.
I think they should lower it to $200k. If they don’t like it they can move. Good for the rural folk. The $300k homes will go down in value-more affordable. Some day the deduction will prove to hurt housing availability.
Can you explain that one please?
And people don’t need to own their own food. They can eat some other food.
Same/same
I believe families are better off in a home than apartment. Latchkey kids especially are better off in neighborhoods than apartments.
Yeah; like on the street. A lot of retired people would be SOL if they didn't have their houses paid off by the time they retire due to the decrease in income. Just paying insurance and property tax can be a challenge for some of them depending on where they live and managed to get for retirement pay.
Also; rent goes up all the time. Some friends in San Diego paid $500 a month for their 3bed/1ba house when they moved in 18 years ago. Today it's $1,700 and going up. Had they bought a place back then with a steady interest rate; they would still be paying $500 and not had to take in 2 roomates just to pay the rent. Better yet; they could have paid it off and just had ins/prop tax.
“People don’t really need to own their own homes. They are still going to live somewhere.”
Home prices will definitely come down as a result, rents will go up.
I know what renting means. It seemed to be that “People don’t really need to own their own homes” sounded a lot like “You didn’t build that.”