Homeownership Remains Key to American Dream though Obstacles Persist
As the National Association of Home Builders (NAHB) celebrates National Homeownership Month in June, more than two-thirds of Americans believe that owning a home is an essential part of the American Dream. NAHB commissioned a nationwide survey by the polling firm Morning Consult of more than 11,300 registered voters earlier this year that found more than 70% of these respondents place a high value on homeownership.
“Americans continue to place a high priority on homeownership and work hard to achieve this goal for their families,” said Granger MacDonald, NAHB chairman. “Our members are committed to providing high-quality homes that meet the diverse needs of Americans across the country.”
A key component in the ability of families of all income levels to become home owners is the mortgage interest deduction, which has been a cornerstone of American housing policy since the inception of the tax code more than 100 years ago. The deduction primarily benefits middle-class taxpayers, according to data from the Congressional Joint Committee on Taxation. NAHB supports this tax incentive, as well as provisions that encourage development of affordable housing. Yet, with the national homeownership rate stalled near 64%, NAHB must continue working to address the obstacles for many potential home buyers.
“We have long fought for sensible reforms to burdensome regulations that needlessly increase the cost of homes for low- and middle-income families,” said MacDonald, noting NAHB research that shows government regulations add about 24% to the cost of housing. “We must support the dream of homeownership and not create barriers through unnecessary federal regulations or tax code changes.”
For more information, visit www.nahb.org.