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A comment on Mortgage Rates Jump Above 6%, Putting Pressure on Housing Market. Parent comment

Re:Mortgage Rates Jump Above 6%, Putting Pressure on Housing... by lotsofpulp on Thursday September 15, 2022 @12:34PM (#32854553)
Mortgage interest deduction is only available for people who itemize, i.e. people who owe more federal income tax than the standard deduction. Per IRS statistics, only 11% of tax filers itemized in 2019. I would bet this deduction does not benefit anyone who is struggling to decide between renting or buying.
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Re:Mortgage Rates Jump Above 6%, Putting Pressure on Housing... by smileysteve on Thursday September 15, 2022 @02:20PM (#32856240)
With increasing housing costs and property taxes; it's getting easier and easier to surpass the standard deduction. If your state has income taxes, even easier.

Example scenario: New >$3000/mo mortgage, $2000/mo to interest and property taxes = $24k. Have a 5% state income tax?, on $60k, that's another $3k deduction.

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Re:Mortgage Rates Jump Above 6%, Putting Pressure on Housing... by sure_about_that on Thursday September 15, 2022 @01:53PM (#32855876)
==I would bet this deduction does not benefit anyone who is struggling to decide between renting or buying.==

I can tell you from personal experience that you are wrong.

[ Parent | on HN ]