Laura Kusisto
speaker
689 appearances
14 recordings
1 series
first heard Jul 2017
last heard Nov 2023
Laura Kusisto’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · One Loser in Tax Overhaul: California Housing Markets · 9 Nov 2017
podcast
They think it's wildly inefficient.
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It goes, first of all, disproportionately to upper middle income and upper income households.
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And second of all, I mean, pretty much everybody agrees that the main effect of the tax break is to simply drive up home prices significantly.
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It simply enables people to afford more expensive homes.
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That said, certainly the realtors would say that for households across the country, it acts as an inducement to homeownership.
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Maybe it's not the first thought in their mind.
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They're more likely probably buying a house because they have a kid.
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But they're probably thinking about that tax break.
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And definitely, I would say, where I think we do feel like it has an impact is...
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people buying quote-unquote starter homes in places like San Jose or Brooklyn, where a starter home is a million dollars, and where that tax break that can be in the $10,000 range actually does make a meaningful difference to people.
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So one of the critical factors that we've been waiting for has been wage growth.
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That is a huge determining factor in whether or not people can afford to buy homes.
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And in particular, we're seeing wage growth among that younger segment.
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And it's those people who are in their early 30s.
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They really start to drive the homeownership rate up when they transition from renting to owning homes.
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And the second factor that we're seeing is mortgage rates staying low.
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And so we have this kind of perfect storm of strong wage growth and a strong economy, but interest rates remaining low.
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So as long as that stays true, that's a perfect breeding ground for homeownership.
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Yeah, so the way the census data breaks it down is by region, which is not perfect, but it gives us a sense.
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And so what we're seeing is the homeownership rate rising in the Midwest, where homes are much more affordable, a lot more people live in suburbs, and we're seeing the homeownership rate flat in the Northeast, the West, and the South.
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