HOUSINGNEWS REPORT
DATA IN ACTION
DATA IN ACTION
Local Housing Markets Most Impacted by GOP Tax Proposal
The Republican tax proposal unveiled in late October included at least two changes to the income tax structure that could potentially have significant impacts on homeowners, and by extension the housing market. We’ve created two heat maps to illustrate which local housing markets could have the most homeowners impacted by these changes. Counties most impacted by reduced mortgage interest rate deduction The first proposed change involves the mortgage interest rate deduction, often touted by many in the industry as an icing-on-the-cake advantage of homeownership. The proposal calls for a reduction in the amount of mortgage interest that can be claimed as a deduction for federal income taxes. Now, homeowners can deduct interest paid on up to $1 million worth of home
loans, but under the GOP proposal, homeowners would only be able to deduct interest paid on up to $500,000 worth of home loans.
so far in 2017 where the loan amount was above $500,000 in each county, providing a ballpark estimate of what share of the housing market would be affected if this portion of the tax plan is enacted.
The county-level heat map below shows the percentage of loan originations
REDUCED MORTGAGE INTEREST DEDUCTION: IMPACTED BY COUNTY SHARE OF TOTAL LOANS ORIGINATED YTD 2017 THAT WERE OVER $500K -3.4% 61.0%
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NOVEMBER 2017 | ATTOM DATA SOLUTIONS
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DECEMBER 2017 | ATTOM DATA SOLUTIONS
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