For over 80 years, the Minnesota mortgage interest deduction has encouraged Minnesotans to purchase a home. How? By allowing homeowners to deduct mortgage interest each year. This common sense policy provides potential homebuyers the flexibility they need to enter the market and sustain highs and lows. And the benefits of the state mortgage interest deduction continue to pay back families for years after their purchase.
Given the importance of the MID, a coalition has been created by the Minnesota Homeowners Alliance. Known as Minnesota Home Matters the coalition engages lawmakers and urges them to remember the thousands of Minnesota homeowners across the state. Specifically, Minnesota Home Matters educates Minnesota lawmakers and the public on the importance of the Minnesota mortgage interest deduction.
It has been known for years that homeownership is strongly associated with greater levels of civic involvement, charitable participation and better outcomes in school. Earlier this year the Minnesota Homeownership Center confirmed those long held beliefs with new data. Compared to non-homeowners, homeowners feel 73% safer, report high levels of financial security and economic well-being, report higher scores in math and English and report feeling over 60 percent more mentally and physically healthy than non-homeowners.
Today, 9 in 10 renters aspire to own a home, and data like the above shows the effects smart, successful policy can have on our communities. Keeping our communities vibrant relies on policies like the state mortgage interest deduction and our state leaders need to keep the dream of homeownership alive for years to come.
To learn more or join the coalition, please visit: http://mnhomesmatter.com/coalition
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