How Has the 2017 Tax Overhaul Impacted Home Prices?

The 2017 Tax Cuts and Jobs Act, which capped federal deductions for state and local taxes at $10,000 a year and modified the mortgage interest deduction, has had a sweeping impact on real estate. How much so varies geographically, with owners in low-tax states feeling less financial pressure from the loss of deductions than those in counties with high taxes and home prices. Additionally, the increased standard deduction has lowered the number of households that can claim a tax incentive for owning or buying a home from about one in three to less than one in ten, according to the National Association of REALTORS®.
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