I was explaining to my grandson why owning a home was better than renting. Well, somehow the benefits of home ownership are dwindling—negative equity being at the top of the list and now losing the mortgage interest deduction. Hummmmm take away the proterty taxes, mortgage insurance, home insurance, upkeep expenditures and compare it to the low rentals in areas close to me, I’m seriously beginning to wonder why the heck I’m doing this!!!
Our only saving grace, as conservatives, is that the Democrats are trying to pork those who voted for them every which way 'til Sunday. A smart GOP (ha ha ha ha ha!) would trumpet this from the hilltops, showing how the Democrats are really raising taxes on the middle class when they swore they were only hitting the fat cats . . .
...take away the property taxes, mortgage insurance, home insurance, upkeep expenditures and compare it to the low rentals in areas close to me, I’m seriously beginning to wonder why the heck I’m doing this
I used to be a homeowner. I used to be married, before my then-wife chose to leave me. Home ownership and marriage went together like a horse and carriage. When the marriage fell apart, I stopped owning a house. I've been living in rental housing ever since. That didn't save me from the housing crash -- I had to move out suddenly when my landlord was foreclosed on. But at least I didn't lose equity.
I have single friends who own their own homes and condos...and so I end up helping out on the weekends with maintenance and such. A couple of weeks ago, I was shoveling sand into bags because of a pending flood rain.
As a long-time renter, I understand why there is the home mortgage deduction, and I benefited from that deduction by paying lower rent. That's the point that some renters miss.
Those low rentals stem from the deductions you state: property tax, mortgage insurance, home insurance, and upkeep. Take those away and you will see rents jump.