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Tag Archives: Homeownership

Tax Reform Could Put Homeownership Out of Reach

According to a major industry organization, President Trump’s potential tax reform could make homeownership unaffordable for many Americans. The President’s plan would raise the threshold on the mortgage interest deduction, allowing only those with the heftiest home loans to take advantage of it. To date, the MI deduction has primarily benefited middle-class taxpayers. If reformed, it may cease to do that.

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Secretary Carson Kicks Off Homeownership Month with Forum

Dr. Ben Carson, Secretary of the Department of Housing and Urban Development, is gearing up for a big June. On the heels of a recent proclamation from President Trump, declaring the month “National Homeownership Month,” Dr. Carson hosted an academic forum at his agency earlier today. He’s also preparing to go before Congress next week to discuss Trump’s recent 2018 budget blueprint, which proposes a $6.2 billion cut from HUD’s funding.

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“Trading Up” Not so Easy in These 10 Cities

A crowded seller’s market has left some homeowners who want to move into nicer homes frustrated. Though they are getting record-high offers for their starter abodes, when it comes time to buy, their money is not going as far in the trade-up market. Based on seven criteria, here is a list of the 10 hardest places to trade up.

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Poll: Half of Adults Plan to Buy a Home

A new poll shows about half of non-homeowning Americans plan to buy a home in the next five years. Another 20 percent will buy in the next decade. Intent to purchase was highest with those between 35 and 54, as well as those located in the Southern U.S.

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Down Payments are the Biggest Barrier to Homeownership

Down payments are holding back renters from entering the housing market. Mortgage payments tend to be considerably cheaper than a rent payment on a monthly basis, but Zillow’s Housing Aspirations Report found that 70 percent of renters across the country are find high down payment costs to be the top roadblock to homeownership.

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Fewer Homes Available to Moderate Earners

A new study by Trulia shows that while doctors can still afford most markets, teachers, first responders, and restaurant workers are getting increasingly shut out of markets where they work. Availability for solid, even above-median earners in coastal California is especially low. However, even there, some pockets of affordability exist.

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Fannie Mae: Education & Homeownership Linked

According to a paper released by Fannie Mae on Thursday, educational attainment can increase the likelihood a young adult will buy a home. The paper’s findings showed a decrease in young adult homeownership since the Great Recession, as well as a dip in the likelihood of a 25- to 34-year-old to buy a home.

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Immigrants Struggle to Attain American Dream of Homeownership

Many immigrants struggle to gain homeownership, however, many immigrants who have been here for 10 years or longer, especially those with higher education, are able to find higher paying jobs and buy a home. Over 61 percent of immigrants from travel-ban countries are homeowners, coming close to the domestic-born homeownership rate of 68.8 percent.

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Homeownership Rates Linked to Decrease in GDP

Recent study shows that decrease in homeownership is most severe among 25 to 29-year-old age groups, African Americans, and one-person households. Reasons cited include tightening credit requirements, rising student debt, and lack of ability to save for down payment. Experts say that dip in homeownership has contributed to dip in national GDP.

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The Big City Rental Problem

While other cities experience shifts from rental to homeownership in the face of high rent costs, Detroit has reached a higher percentage of renters compared to homeowners. This could cause city official to re-evaluate how to ensure stability.

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