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Peter Morici: Even with mortgage rates up, buying instead of renting makes sense for many

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The spring home-buying season is in full swing, but the landscape has changed a lot from last year. Congress has curtailed tax incentives to purchase a home, mortgage rates are up and homes are more expensive. Yet, for many folks, buying a home is still better than renting.

The new tax law doubles the standard deduction to $24,000 for couples and caps deductions for state and local taxes at $10,000. Those greatly limit the tax incentive to purchase a home instead of renting. Zillow estimates homeowners who will take deductions and list mortgage interest and property taxes will fall from 44% to 14%.

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