Today, April 15, is an annual rite of passage in the United States: Income Tax Day. (You did remember, didn’t you?)
Since the inception of the federal income tax law in 1913, home mortgage interest has always qualified as an income tax deduction. And while the deduction wasn’t explicitly created to encourage home ownership, it has no doubt contributed greatly to helping make the dream of home ownership more affordable for millions of American families.
Home ownership in the U.S. has grown from 45% in 1920 to 64% today. Home ownership today is a key component of the overall economy. Housing represents 15% of the nation’s gross domestic product (GDP).
Recent growth in the home ownership rate has been fueled by first-time buying millennials taking advantage of low interest rates and technologies like our Mortgage in a SNAP online app that make the mortgage application process faster and easier.
From a tax perspective, owning a home is a great idea. Even after changes resulting from the Tax Cuts and Jobs Act (TCJA) of 2017, home ownership is still a pathway to financial success.
From a tax perspective, here are the reasons why home ownership makes sense:
If for no other reasons than these, home ownership is still a worthwhile investment. But there are more reasons.
Beyond tax savings, there are other financial benefits to owning a home. They include:
In addition to the tax and investment benefits of owning a home, there are other, intangible benefits.
For all these reasons and more, it’s easy to see why owning a home has become part of the American dream. To see how Mortgage 1 can help you make the dream a reality, call (866) 532-0550 or use our Mortgage in a SNAP application today.