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
And so that's why, and we should say this, that even though we're seeing the homeownership rate climb, we're still seeing it a good one or two percentage points below normal levels.
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And for a time when the economy is strong, that's still quite notable.
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Yeah, I think that's right.
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And I think that low savings rate, it's connected to this fact that housing costs have gone up a lot, rents have gone up a lot in particular.
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And so people aren't saving.
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And I think a big thing that I hear about when I talk to people on the phone all the time is they want to buy less house than they can afford, which is a real shift in mentality from how people felt in 2007, 2008.
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They would buy whatever they would qualify for.
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And now people really want to put down that 20% down payment, even if the bank will let them have it with a 3% down payment.
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So that's sort of slowing that transition to homeownership for people.
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Yes.
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Actually, another story I read earlier this week was the latest mobility rate data came out, and we're seeing mobility rates at some of their lowest levels in years.
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And that has a lot to do with people saying, rather than gambling on that bigger house, I'm going to just renovate my kitchen, maybe put a small addition on.
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But people are approaching homeownership a lot more modestly than they used to.
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WSJ Your Money Briefing · Why the Mortgage Interest Tax Deduction Isn't Untouchable · 17 Oct 2017
podcast
Yeah, so this was long considered a sacred cow just because of how many people it affects.
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In theory, anyone who owns a home can take this deduction, although in reality, not everyone owns a home that's worth enough.
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And that's really what's up for grabs right now is changes that could potentially mean that only people with very, very expensive homes would have any incentive to take it.
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Yeah, this is what's so interesting about the way this is being handled.
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If Congress had come right out, if the Republicans had come right out and said, we're getting rid of the mortgage interest deduction, I mean, that would just be anathema.
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And that means that it goes from basically, according to Zillow, being something that you would take if you have a home that's worth about $300,000 or more to being something that you would only take if you have a home that's worth something like more than $800,000.
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