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It also cappedstate and local tax(SALT) deductions at $10,000 per year.
The higher standard deduction means that most low- and middle-income Americans no longer bother itemizing.
That said, Trump has floated the idea of letting that limit expire.
The U.S. Bureau of Economic Analysis reports there were 2.314 million civilian federal employees in 2023.
Locally, this would put downward pressure on home prices and boost affordability.
And withZillowreporting a median home price of $602,548, Washington could definitely use more affordable housing.
This could boost supply and reduce the housing shortage for renters and buyers alike, helping affordability.
That would reduce demand for housing, putting downward pressure on rents and property values.
And theyre likely to rise further if Trump enacts import tariffs.
Tariffs are almost certain, said Jay Jung, founder of corporate finance advisoryEmbarc Advisors.
The question is how high.
That could make it even more expensive to build new homes or renovate older ones.
Broader Inflation
Home construction materialsarent the only products that would become more expensive under new tariffs.
Lord added that businesses dont just eat the cost of tariffs they pass them along to consumers.
Increased employment opportunities can improve the standard of living and potentially reduce income inequality in larger cities.
Indeed, protectionist policies like tariffs could boost domestic manufacturing, according to Tyler Vinsand of757 Property Solutions.
When more goods are produced locally, it reduces the reliance on foreign imports, which can stabilize costs.
Can Trump truly grow the domestic economy without fanning the flames of inflation?
It remains to be seen, as Trumpsdramatic policy changescould impact urban life in complex and unpredictable ways.
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