The second “How Housing Matters” survey released on June 2 by The John D. and Katherine T. MacArthur Foundation (see related article elsewhere in Memo) found that a plurality of Americans (47%) support changing the Mortgage Interest Deduction (MID) by eliminating the interest deduction for mortgages on homes worth more than $500,000 and for second homes. Forty percent oppose these two changes and 13% are not sure. The question about MID was asked of half of the 1,355 adults surveyed by Hart Research Associates.
The United for Homes proposal to change the MID would lower the cap on the size of mortgage for which interest can be deducted to $500,000. In this case, the cap is based on the size of the mortgage, not the value of the home, which generally is higher. For example, a house is worth $600,000, but the amount owed on the mortgage is $400,000. The $500,000 cap in the UFH proposal would not affect the MID for this taxpayer. The last NLIHC poll found that 60% the respondents support this proposal.
The MacArthur poll also found that when asked if the federal government invested in housing, was it more important to invest in affordable rental housing, homeownership, both, or neither. A majority (58%) replied both.
The MacArthur survey report, data, and webinar presentation are at: http://bit.ly/1tYfKj8
The NLHC survey findings can be found at: http://bit.ly/1ig5GNp
To learn more about the United for Homes proposal, go to: www.unitedforhomes.org