If you own a home with a market value of $500,000 or more, you are well off. Required annual income is $108,575 to obtain a $500,000 mortgage at a 4.5% rate. Reality Check - Currently, a little less than a third (29%) of all U.S. homes are valuable enough to make taking the Mortgage Interest Deduction worthwhile; under the proposed tax changes, that number would fall to just 5% percent. 

If you've already got a mortgage, things won't change. You can still deduct the interest you pay on mortgages up to $1 million.