I too think the mortgage deduction is very important not only to single people but to young families. Its hard to save in this economy and I see a lot of young people waiting for that refund to purchase their first home. They can get a mortgage with no down payment or as little 3% down and this refund can be their down payment or closing cost.
After reading the many comments from Fellow Active Rainer John Mulkey's post about the mortgage interest deduction, I felt the need to write this post. Why American's Need The Mortgage Interest Deduction!
If you are a single, hard working, self- employed, childless person, your mortgage interest deduction is the largest deduction you have!!
Every year, NAR does their annual Home Buyers and Sellers Report. Last year, NAR reported the following demographics for home buyers:
Median Age: 39
Median Househould income: $73,100
21% of buyers were single females, and 10% were single males
Here's the biggie: 63% of home buyers reported no children were living in the home!! (Therefore, no child tax credits)
63% of taxpayers this year will need the mortgage interest deduction! I believe many tax payers do not realize how the mortgage interest deduction is saving them money. For me, it was the difference between owing about $3600 extra every year, and getting a refund of $1200! I don't know about you, but I can always use an extra $2400!
If you are renting and not currently taking advantage of the mortgage interest deduction - I can help! I am your Owensboro, KY real estate and homes for sale resource. Call me today to get started! 270-903-2167
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Shortsale Specialist - Buyers and Sellers wanted - Referrals Appreciated!
Contact me at kp@KarenPannell.com