It’s A Home Buyers Market For The Younger Crowd

4 02 2011

First time home buyers between the age brackets of 18-45 might feel some relief as they enter into a sale as mortgage tax deductions are appearing to decline with age.

Homeowners and first time home buyers between the ages of 35-45 were reported to have the highest tax deduction of all age brackets with those 35 and under having the second largest deductions. Homeowners and first time home buyers 45 and older, however, appeared to have declining mortgage tax deductions.

The National Association of Home Builders reported this information collected from the International Revenue Service (IRS) through study and research of statistics released the Statistic of Income (SOI.) However, does favoring the “younger crowd” appear to be a benefit for the economy?

Lowered interest rates and mortgage tax deductions for those 45 and under appear to be in effort for Generation Y’s to enter into home ownership. These younger households are creating a demand for home ownership as they enter into marriages and begin families of their own. These trends could potentially change how future tax codes are approved as the housing market will soon be relying on this younger generation to help  revive home sales as they take advantage of this new home buyers market. With tax advantages currently underway and with lowered interest, the appeal couldn’t be greater for younger families and individuals to enter into home ownership.

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