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With the increase in the standard deduction the mortgage deduction will have little effect on the price of modest homes. The doubling of the standard deduction will reduce itemization bythe lower middle class to a negligible number.
If someone in the "lower middle class" is itemizing their deductions then something is quite wrong. Where are all the expenses coming from that justify not taking the standard deduction, and more so the funds that paid.
the most effective thing we could do to enhance the middle class and reduce poverty while greatly increasing individual freedom and choice is to raise the standard deduction to the 90th percentile. The people that own the economy should pay for the government that protects their investments.
If someone in the "lower middle class" is itemizing their deductions then something is quite wrong. Where are all the expenses coming from that justify not taking the standard deduction, and more so the funds that paid.
I've been renting for 20 years. We've never been kicked out of a place. That is an extremely rare occurrence. What can you do on your property that I can't do in my rental?
Eh. We never finish paying utilities, car insurance, etc. either. Who cares? Certainly not me.
I rent, and I own a home I rent out.
There is a whole lot you cannot do as a renter, I cannot even paint the walls except for specific colors, and forget remodeling anything at all.
I don't resent home ownership but I have seen people falter with their homes. I also have friends who are homeowners and they complain about the cost and maintenance and upkeep of it all. Why would I want to do that to myself? Weekends are for having fun and relaxing. Not putting up drywall or redoing your kitchen. Blah.
Thank you. We are very happy here!! (But still can't wait to downsize when the kids skedaddle! LOL)
I'm so glad you are happy at your place. Sounds like there are lots of possibilities.
But...I hear ya about property ownership. The work and maintenance! I guess that is what fathers, mothers (and fathers and mothers in law) are for, to help out. DH is doing what needs to be done at our place (except for the vegetable garden and berries, my project), but I find myself weekends working on my daughter's place (latest project is an early 1950's era peptol bismol pink/grey-tiled bathroom that she hates). The farm never even HAD a bathroom before then, and I guess the owners wanted to be "current". I'm going to paint it a medium pearl grey, to tone down all that pink tile. She wanted to rip it out at first, but it's considered vintage, valuable to collectors, and soundly placed, so it would be stupid to get rid of it.
Daughter's father in law is a retired carpenter, and converted a windowless, doorless upstairs corner storage room into a beautiful windowed room for youngest grandson.
The property is mostly wooded, but contains 5 acres to mow, which son in law doesn't mind doing, but the starter burned out on the mower and had to be replaced. Last year, they had to put in a new furnace, the year before that, a new roof. Both replacements were on the "old" section of the farmhouse, an addition (a Kitchen and great room added on in the early 2000's) should be intact for a few more years (hopefully).
The whole family was horrified when she and her DH bought the place (but they got a VERY excellent deal on it because the owners were divorcing). Now, that they have two little boys, I can't picture a better place for them to grow up, so I consider it an investment well made. And property values have been skyrocketing in their area.
In the free market, it is about supply and demand. Hence, the more in demand an area or neighborhood is and the more money the people have that are demanding it...the that is what causes home values to rise in those areas.
The white demographic is the largest market force in the housing sector. They have much higher disposable incomes and per capita incomes than blacks or Latinos. Hence, where whites desire to live really plays a major role in home value and given that home value is where a lot of individual wealth is gained, race does play a major role in creation of wealth.
Blacks generally have no problem moving into white communities. Latinos generally have no problem with moving into white communities, however, whites have problem with the idea of moving into a black or Latino community (unless its being gentrified). Hence, white communities get strong market demand from all races, increasing the price points (value) of those communities, along with wealth. On the other hand, black communities suffer lower values because the only market demand comes from other black or poor people who do not have a lot of money to begin with...hence they cannot bid up the value of those communities. However, when an area starts to gentrify (meaning becoming popular with whites), note how the values at that point start to rise.
Wealth follows white people in the housing market, as a general rule, due to white aversion to live in areas that are not white.
There is a whole lot you cannot do as a renter, I cannot even paint the walls except for specific colors, and forget remodeling anything at all.
"Renting is where you pay a premium to enjoy temporary, impaired use of property." (TM)
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We are very happy here!! (But still can't wait to downsize when the kids skedaddle! LOL)
