Americans Oppose Mortgage Interest Deduction

A poll conducted by NAHB indicated clear bipartisan opposition to weakening of the present law Mortgage Interest Deduction rules. These positive findings were also consistent across geographic areas, such as urban, rural and central city locations.

Moreover, a majority of respondents opposed eliminating the MID whether they had a mortgage, owned a home without a mortgage or were a renter. In fact, 73 percent of current renters said they hope to one day purchase a home, which helps explain the support for the MID among renters.

Keep in mind that recent homebuyers, who are paying mostly interest and relatively principal in the early years of a mortgage, claim the largest mortgage interest deductions.

As to unlocking pent-up housing demand, the poll findings indicate that for renters, the biggest challenges to homeownership are: accumulating a downpayment (31 percent), job uncertainty (21 percent), credit score quality (16 percent), inability to get a loan (11 percent), high personal debt levels (9 percent), and finally, fear of further price declines (8 percent).

- Courtesy of NAHB