18 Reasons To Never Own A House

5. The Average Mortgage is Around 20 to 30 Years

Without a doubt, the political climate of a country is probably one of the biggest reasons why you should carefully consider whether you want to buy a house. Your mortgage can last up to 30 years, but the country’s administration lasts for only four years or due to re-election, possibly eight. You can’t rely on your mortgage tax deduction to be there for 20 to 30 years.

Reagan promised in his 1984 speech to the National Association of Realtors that he would preserve the part of the American Dream the tax deduction represents. However, that promise came under fire last year when the Republican administration halved the deduction of mortgage debt for newly purchased homes to $500,000.

Although it seemed like the mortgage tax deduction would be there forever, the Trump administration cut the American dream deep when they halved the amount of deductible interest. And they did this after promising for months that they had no intention of doing so.

It seems like with every new administration, comes a new tax reform. Each administration has their own idea of what works. And you may not be one of the people who could benefit from the reform. But 30 years is a long time, so the unpredictability of each administration makes it difficult to assess whether owning a house is in your favor or not.