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Move Over, Homeowners—Renters Could Get Tax Breaks, Too

Homes for Rent

It’s been said many times: The rent is too damn high. And now a recently introduced bill is trying to cut renters a break—a tax break, that is.

The bill, if it became law, would allow renters to deduct from their federal taxes what they pay for the primary roof over their heads—a proposal that could save them thousands per year.

“There’s an unequal treatment now of owners and renters,” says Rep. Alan Grayson, a Democrat from Florida, who introduced the bill. He hopes this bill would level the playing field .

For example, the average taxpayer shelling out about $1,500 a month (or $18,000 a year) could potentially save $4,500 annually through the deduction if he or she is in the 25% tax bracket, he says.

“Renters should be able to share in the tax savings,” he says. “This is a tax benefit that would go primarily to people who need it.”


Home prices in this city soared 25% in a year

Home Prices Soar

Vancouver’s high-end housing market is on fire.

Luxury property prices in the Canadian city soared 25% last year, more than in any other major city in the world, according to a new research by Knight Frank.

In comparison, prime property prices rose 2.4% in New York, 15% in Sydney, 1% in London and 10% in Amsterdam.

It’s not just the luxury homes that are becoming more expensive.

Overall home prices jumped 20% in 2015. The average price for a single detached home in Vancouver exceeded $1.2 million CDN ($900,000) last year, making the city unaffordable for many local residents.


Home Prices Soar in Some Metro Areas

Home Prices SoarThe National Association of Realtors on Tuesday said that home prices in the second quarter rose in 163 out of 176 metro areas, continuing their upward trajectory even as economists warn of looming affordability problems and a limited supply of homes for sale.

The median existing single-family home price rose to $229,400 in the second quarter, up 8.2% from a year earlier. That was a slightly faster rate of increase than the 7.1% price rise seen in the first quarter.

Read more at Home Prices Soar in Some Metro Areas

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