It will make our tax expense larger so we can’t afford as expensive a home so home prices will have to come down a little or not rise as fast.
I pay about 16K in interest and property taxes so since I am in a 15% bracket save about $1,500 a year from owing on my home after the standard deduction I would have had anyhow. So it make me able to afford about $150 a month more in a mortgage payment so the house price would need to be about $15K less to have the same affordability.
It will make our tax expense larger so we can’t afford as expensive a home so home prices will have to come down a little or not rise as fast.
I pay about 16K in interest and property taxes so since I am in a 15% bracket save about $1,500 a year from owing on my home after the standard deduction I would have had anyhow. So it make me able to afford about $150 a month more in a mortgage payment so the house price would need to be about $15K less to have the same affordability.
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everyone who has a mortgage will have less cash in hand at the end of the year. Also some people will buy less expensive houses because they will get less of a deduction on their taxes.
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