By Diana Olick | CNBC
It may be yet another reason why younger Americans are choosing to rent: Buying a home is unlikely to offer them any tax break. That is thanks to near-record low mortgage rates and an increase in the standard deduction. Add them up, and the math doesn’t compute for savings.
“It has removed one of the main reasons people had urgency to buy,” noted John Burns of California-based John Burns Real Estate Consulting. “High rent should be a kick in the pants, lowest interest rates should be a kick in the pants, but I think if you were getting a tax break too, I’m sure we’d see more entry-level buyers.”
