In good times or bad, there is one constant: Homeownership remains the American Dream for millions of American families. And there are many reasons why, both economic and emotional.
Most Americans consider homeownership to be their single best long-term investment and a primary source of their wealth and financial security. Generations of families have counted on and used the equity in their homes for their children’s education, their own retirement and other milestone expenses.
Individual household budgets are helped by tax incentives that are designed to make owning a home more affordable. Deductions for mortgage interest and property taxes can result in thousands of dollars of tax savings, especially in the early years of the mortgage when interest makes up most of the payment. Home owners save nearly $100 billion annually on mortgage interest and property deductions alone.
And when home owners sell their primary residence, they get an…
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