Home Is Where the Vote Is
The majority of Americans are saying, Read our lips: We want tax incentives. At least when it comes to promoting homeownership, according to a survey of 1,500 likely voters recently released on behalf of the National Association of Home Builders.
The survey shows that three-fourths of voters – both renters and homeowners – believe it’s appropriate and reasonable for the federal government to provide tax incentives to promote homeownership. Along party lines, the sentiment is felt by 84 percent of Democrats and 71 percent of both Republicans and Independents.
On the mortgage front, two-thirds of respondents say the federal government should help buyers afford long-term (30-year), fixed-rate loans. With that, 73 percent of respondents oppose eliminating the mortgage-interest deduction, a position held by 77 percent of Republicans and 71 percent of both Democrats and Independents. Sixty-eight percent of respondents said they would be less likely to vote for a congressional candidate who proposed abolishing the deduction.
Among the poll’s other major findings:
• 96 percent of homeowners say they are happy to own their home; 84 percent of owners who are “underwater” – owing more then their home is worth – felt the same.
• 79 percent of owners would advise a family member or close friend to own; 69 percent of underwater owners would offer the same advice.
• 74 percent said that despite the ups and downs of the housing market, owning is the best investment they can make.
• Nearly seven in 10 voters who currently do not own a home said buying a home was a goal.
