Please review our selections for weird mortgage facts and data:
- Mortgage debt as a percentage of GDP has more than tripled since 1955.
- A 73-year-old man who was charged with robbing three banks in Florida in 2010 admitted the crimes but, said he needed the money to pay his home mortgage, and he had planned to give the money back.
- To get the same purchasing power that you got out of $20 back in 1970 you would have to have more than $116 today.
- Today, there are approximately 20.2 million Americans that spend more than half of their incomes on housing. That represents a 46 percent increase from 2001.
- It may be hard to believe, but approximately 57 percent of all children in the United States are currently living in homes that are either considered to be either “low income” or impoverished.
- Family homelessness in the Washington D.C. region (one of the wealthiest regions in the entire country) has risen 23 percent since the last recession began.
- Though the mortgage interest tax deduction is defended as a popular benefit, 69% of the total benefit in 2009 went to filers earning $100,000 or more.
- When the federal tax code was introduced in 1913, all interest was deductible. At that time, few Americans except farmers had home mortgages.
- In 1986, when Congress overhauled the tax code, it eliminated the interest deduction for most consumer debt including auto loans and credit cards, but kept it for mortgages used to buy, build or substantially improve a home, a result of “brilliant lobbying”.
- In 1987, Congress limited the interest deduction on up to $1 million in mortgage debt on a first and second home. But it also created the home-equity deduction that lets homeowners deduct interest on up to $100,000 in mortgage debt used for purposes other than buying, building or improving a home. Welcome back consumer debt deduction.
- Only 25.9 percent of households that filed a federal tax return in 2010 claimed the deduction, even though the home ownership rate was about 67 percent (Not all tax filers own a home. And not all homeowners have a mortgage. Be sure to compare apples with apples and not oranges). Virginia leads the pack with 37.55% of returns with the MID in 2007.
- The standard deduction in 2013 was $6,100 for single taxpayers (up from $5,950 for 2012) and for married couples filing jointly the deduction was $12,200.
What did you find to be the most weird mortgage fact? Let us know below in the comments. Thanks!