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Survey shows homeowners, renters support home ownership and value mortgage interest deduction

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Wednesday, April 6, 2011

A significant majority of today's homeowners and renters agree owning a home is a smart long-term decision. According to a survey released by the National Association of REALTORS®, 95 percent of owners and 72 percent of renters believe over several years it makes more sense to own a home. Majority of homeowners and renters also believe the mortgage interest deduction (MID) is an important benefit to home ownership.

The American Attitudes About Home Ownership survey reported a majority of homeowners and a strong percentage of renters "agree" or "strongly agree" that owning a home provides a healthy and stable environment for raising a family and that it helps them meet long-term financial goals. In addition, 93 percent of owners surveyed would purchase a home again.

"Home ownership benefits individuals and families, strengthens communities, and is vital to our nation's economy," said Silicon Valley Association of REALTORS® President Gene Lentz. "Home is where we make memories, build our futures and feel comfortable and secure. It is only natural people feel so strongly about home ownership."

Support of the mortgage interest deduction was also shared by an overwhelming majority of both owners and renters. Seventy-four percent of owners and 62 percent of renters say it is very or extremely important that the MID stay in place.

"Proposals to modify, if not eliminate, the mortgage interest deduction continue to float around in Congress. This survey demonstrates the strong public support of the MID, and that we need to keep policies in place that encourage responsible, sustainable home ownership," said Lentz.

The MID allows an individual to deduct mortgage interest paid on mortgage debt of up to $1 million. The deduction is available for interest on mortgages for a principal residence and one additional property. Individuals claiming the MID also must itemize their taxes.

Lentz said the MID saves the average homeowner thousands of dollars at tax time and helps American home buyers get into their first house. "In today's market, eight out of 10 home buyers must borrow money to buy a home," said Lentz. "The ability to deduct the interest paid on a mortgage can mean significant savings at tax time and facilitates home ownership by reducing the carrying costs of owning a home."

This survey was conducted online within the U.S. and fielded October 6-20, 2010. A total of 3,793 adults, 18 and older were surveyed, including 1,880 home owners, 1,115 renters, and 798 young adults.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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