The Center on Budget and Policy Priorities reports that, in terms of housing expenditures, the federal government favors high- over low-income households, as well as renters over homeowners–regardless of the fact that the wealthy have little if any need for subsidies to purchase a home:
Federal housing expenditures favor higher-income households. 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.
Overall, more than half of federal housing spending for which income data are available benefits households with incomes above $100,000. The 5 million households with incomes of $200,000 or more receive a larger share of such spending than the more than 20 million households with incomes of $20,000 or less, even though lower-income families are far more likely to struggle to afford housing.
In 2010, the most recent year for which complete data are available, households with incomes of $200,000 or more received an average benefit of $7,014 — more than four times the average benefit of $1,471 received by households with incomes below $20,000. It is difficult to see the policy purpose served by providing such large benefits to higher-income households, who in most cases could afford to purchase a home without subsidies.
...more than three-quarters of federal housing spending in 2012 (counting both federal outlays and the costs of tax expenditures) went to homeowners. Renters received less than one-fourth of federal housing subsidies despite making up more than a third of households.