About Us | Contact Us

The Daily Money: Homeownership as a means of accumulating wealth, Tax Day, and more

Today is Tax Day! You have until 11:59 p.m., technically, to file your taxes.

You have time to read today’s top news stories, which I, Swapna Venugopal Ramaswamy, have delivered to you.

Here’s a hint for those who file their taxes at the last minute: If you itemise your deductions, you may be eligible to deduct the costs you paid for medical and dental care for you, your spouse, and your dependents during that year. Only the portion of your total medical expenses, though, that exceed 7.5% of your adjusted gross income is allowable as a deduction.

Buying a home as a means of accumulating money

According to a recent study, the median home price in the United States increased by $190,000 over the past ten years, making the typical homeowner 40 times wealthier than if they had continued to rent.

According to a report released on Tuesday by the National Association of Realtors, low-income homeowners (those making no more than 80% of the area median income) built $98,900 in wealth through their homes, while middle-income (those making more than 80% but less than 200% of the median area income) and upper-income (those making more than 200% of the median area income) homeowners built $122,100 and $150,800 in wealth, respectively.

Concerning The Daily Money

The Daily Money provides the top consumer stories from USA TODAY each daily. In order to help you understand how actions made by the Federal Reserve, the government, and businesses affect you, we break down financial news.

Leave a Comment