Mortgage Matters

With the median house value in the US at $205,000, capping the mortgage interest deduction on loan principal eligible for the deduction to $500,000 from the current $1,000,000 would impact just 5% of home owners. Moreover, just 6.7% of the benefits of the MID go to the middle 20% of households, compared to 72.6% that goes to the top 20% of households, including 31.5% that goes to the top 5%.