For the average homeowner the interest deduction amounts to an effective tax credit of between 10% and 15%. So if you are giving $10,000 a year in interest to the bank you are getting a credit of between $1000-1500. Which means you are losing, in the example, $8500-9000 a year. A house is a terrible investment. You may want a house for other reasons but you will lose money on it unless you have special circumstances such as if you inherited it or something.
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