Posted 3/12/2024, 10:03:00 AM
Biden Proposes Tax Credit to Free Up Starter Homes, But Housing Shortage Remains KeyObstacle for First-Time Buyers
- US homeowners are staying put due to high mortgage rates and home prices, keeping starter homes off the market
- Biden proposed a $10,000 tax credit for selling homes below the local median home price to get more starter homes on the market
- The starter home shortage makes it harder for first-time buyers and millennials/Gen Z to purchase homes
- While the tax credit could help, it doesn't address the core issue of a 3-7 million home shortage in the US
- Biden also proposed policies to preserve or build 2 million affordable homes, which could make a real difference