Since the GOP unveiled their new tax plan last week, many are assessing the potential impact on homeowners.
Using income data from LendingTree, HousingWire found that all of the top metros that would be most affected by the GOP's proposed tax reform were in California. San Francisco topped the list with 24 percent of those taxed claiming mortgage deduction of an average $16,167.
“This creates an incentive to current owners to remain in their property as moving to a new home would expose them to a higher tax bill. Thus, the supply of existing homes between $500K to $1 million could be pressured,” LendingTree Chief Economist Tendayi Kapfidze said.
