The bulk of homeownership expenditures go to the top fifth of households by income, who typically could afford to purchase a home without subsidies. According to estimates by the congressional Joint Committee on Taxation, more than three-fourths of the value of the mortgage interest and property tax deductions goes to households with incomes of more than $100,000, and close to a third goes to families with incomes above $200,000.
Yet another reason to start stripping back entitlements, including things like mortgage interest deductions. Via Chart Book: Federal Housing Spending Is Poorly Matched to Need -- Center on Budget and Policy Priorities where there is a pretty chart. Hat tip to Arnold Kling where the comments are enlightening.