$500K is a pimped out mansion in rural Alabama; an average home in SW Minneapolis; a studio apt in Boston (if you're lucky!). Define median?
Folks w/ ridiculously large mortgages on modest homes won't like $500k interest cap but face it, they're not the median homeowner either.
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Exactly, Many of the best jobs are in large urban areas where housing prices have skyrocketing, esp big “blue” ones.
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No... but that is built in to screw liberal strongholds NY and Cali. You know this
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Depends on where they live if $500k is a median homeowner or not.
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I do not like seeing the interest rate deduction touched. Big advantage of home ownership. Once touched the whole thing is in danger. IMO
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Puts downward pressure on home values by making them less affordable. Only lever is price.
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I know Twitter limits nuance, but a median home in the Seattle area costs $650K. No surprise, but this proposal would penalize urban areas.
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big cities routinely have homes in the $750,000 and up range--and these are NOT wildly spectacular homes. Affects a LOT of people.
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Another dig at urban areas - that's below median here. Couple that with losing state income tax deduction - it's pretty obvious...
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median home prices in what are considered working class family areas in CA and NY are way over 500K
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They certainly are in metro-Boston.
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It’s the Realtors (think - republicans) that’ll sink it
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Um, caps is on new homes, not on existing mortgages.
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One bedroom apartment in major cities can be $800K easily.
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They are in California, the most populous state in USA where median price in a lot of place now is $550000. Then we get hit w/removing SALT!
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