Mortgage Interest Deduction: Who Benefits Most?

The mortgage interest deduction (MID) has come under attack recently by some experts who have advocated its elimination as a deficit reduction method of saving costs to the government. Some of the speculation centers on the MID being foremost a benefit to the wealthy. However, the MID primarily benefits middle-income households, with 65% of families taking the MID earning less than $100,000 a year. Those making under $200,000 total nearly 91% of all MIDs taken.

The mortgage interest deduction is a vastly important policy to many, many families across the country. If it were to be repealed the impact on family budgets would be substantial. The National Association of REALTORS© continues to lead the charge along with many other groups in an effort to have this important policy remain unchanged. The MID has long been one factor allowing younger families to realize the dream of home ownership any enabling of this incentive would be hugely unfortunate.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.