How Homeownership Became the Engine of American Inequality (Or NOT!)
wallstreetexaminer.com / by Anthony B. Sanders /
This is a syndicated repost courtesy of Confounded Interest. To view original, click here. Reposted with permission.
The author blames the mortgage interest deduction (MID) in part for inequality. But the MID has been used for decades to stimulate and preserve homeownership, one of platforms of the Democrat Party. Unfortunately, housing is often no longer “affordable.”
One measure of housing affordability is home prices relative to household income or wages. For example, check out YoY earnings growth for 2001-2003 period. Wage growth was declining as YoY home prices grew. As wage growth grew from 2004-2007, home price growth slowed. The housing bubble is characterized as a period of declining/low wage growth coupled with rapidly rising home prices. (orange box)
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Source: http://silveristhenew.com/2017/05/16/how-homeownership-became-the-engine-of-american-inequality-or-not/
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