The lack of affordable housing in America’s fast growing cities is reaching epic proportions as more and more families are beingpriced out of homeownership.In 2012, a middle class family could afford 44 percent of the homes for sale. By 2016, the share of affordable listings declined 12 percentage points to just 32 percent.
This housing equality gap is amplified by a very popular federal tax policy known as the mortgage interest deduction (MID). This policy first appeared in 1894, when all forms of interest, including mortgages, were deductible from federal income taxes. This was a time when homeownership rates were low, the 30-year mortgage was nonexistent, and families generally paid cash if they bought a home at all.
Over time the mortgage interest deduction grew in popularity, making it hard for policymakers to cut. When the housing market tanked in 2007, the extra incentive of the MID helped boost the number of people willing to buy rather than rent and quickened the pace of the housing recovery.
The MID has outlived its usefulness. Only homeowners who itemize their deductions can receive MID’s tax benefit. Under the proposed GOP taxplan, even fewer middle-class households will find it worthwhile to itemize.
This forms an unintended but impenetrable income divide between homeowners who take the MID and those who don’t. Households that make over $100,000 in annual income benefit the most, receiving 77 percent of the subsidies. Homeowners earning more than $200,000 receive over a third of the benefit.
As a lead agent, Don’s main focus has always been to give our clients the best service, advice, and experience possible. A decade into real estate and his referrals and testimonials are a reflection upon his professionalism and genuine caring for his clients.
Early in life, Don had a keen interest in technology and took his talents to San Francisco, working for a start-up. He returned to the Twin Cities, continuing in the tech field. As his father had sparked his interest in building, he always kept abreast of the real estate market and forged his path to a career he cares deeply about. He takes a modern approach, leveraging two of his passions: real estate and technology - ensuring his clients always have an advantage over the competition.
Don is a “consultant” in every form of the word. He has made it his passion and life’s work to provide professional and expert advice about real estate, not just as your agent, but as a colleague and confidant.
When he’s not putting buyers and sellers together, Don is coaching football for the Edina Varsity team, playing pickup basketball, roughhousing with his boys, tasting some wine/beer/cocktails, and always enjoying connecting with all sorts of people.
Don graduated from the University of St. Thomas with a Bachelors in Business with a concentration in Finance.
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"Working with Don Edam and his team made the purchase of our home easy. We looked at many places and they were what we were looking for and where we wanted to be located. Everyone there seems to be on the same page which made the process for us buying a new home easy and fun. From start to finish everything was done to perfection. It was nice working with a friendly team that knew our needs and helped us find the perfect home for us! I have already recommended Don to friends thinking about a new house. We would definitely use them again!"