Sage Realty LLC, A Main Line Buyer Agent, Outlines New Bill That Aims to Ease the Middle-Class Squeeze by Targeting High Community Association Fees
Over the past decade, middle class earners have been hit hard by something the experts are calling the “middle-class squeeze.” Once a powerful sector in the American economy, the middle class now faces stagnant wages and a rapidly rising cost of living. The cost of everything: childcare, healthcare, retirement, higher education and housing, has increased. Middle class success is imperative to America’s overall economy, which is why the government is looking for a way to help.
Why the Middle Class Matters
The middle class plays an important role in America’s economy. A domino effect occurs when the middle class struggles and/or shrinks. The middle class is essential to both demand and developing the next generation’s workforce. When the middle class is at risk, so is the economy.
What Is Being Done
One recent effort being made to ease financial struggles for the middle class is a bill called “Helping our Middle-Income Earners (HOME) Act.” The bill identifies the issue of the high costs of homeowner and community associations. Since these homeowners pay their fair share of property taxes along with community assessments, this measure would allow them “to deduct up to $5,000 of their community association fees and assessments if their income is under $115,000, from their federal tax liability.”
The measure was designed to encourage some relief from the rising household expenses that many middle class families face. The creators of the bill, U.S. Representatives Anna G. Eshoo (D-CA) and Mike Thompson (D-CA), are finding support from the CAI (Community Associations Institute). The hope is that it will lead to support from representatives in states with numerous community associations.
Use a Buyer Agent on the Main Line
Due to fees, laws and various complexities of the real estate industry, working with a Main Line buyer agent who stays informed is a major advantage. As a buyer, it is helpful to know what costs you will face after the sale, and what may be deductible.
Sage Realty LLC has historically focused on representing Main Line buyers. Sage Realty LLC makes it a priority to know what is going on in the world of real estate, and can help you determine what additional fees you will have if you choose to buy into an area with community association costs or condo homeowners association dues. Sage Realty LLC will answer all your questions throughout the home buying process.
For more information about a buyer agent in Main Line, contact Sage Realty LLC today!