President Donald Trump is expected to visit California this week, a state with the top five housing markets hit hardest by the recently-passed Tax Cuts and Jobs Act.
Coastal, politically left-leaning states may be hit the hardest by the new tax law. The 15 states where median homeowners would lose homeowner tax benefits of more than $100 annually are all states Hillary Clinton won in the 2016 election, ApartmentList reports. President Trump won by a margin of 14 points in the states where the median homeowner will not be affected by such tax benefit reductions over $100 per year.
The impact of the changes is felt disproportionately in left-leaning parts of the country. There are 15 states in which the median homeowner will receive at least $100 less in housing tax deductions under the new plan — President Trump carried none of these states in the 2016 election .. The loss of housing deductions still amounts to a shifting of incentives that make homeownership less attractive.
Advertisement
Related Stories
Market Data + Trends
10 States Where Home Insurance Rates Have Risen the Most
Responding to the increasing number of natural disasters, insurers are hiking prices, with some states bearing the brunt more than others
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth