In many ways, the housing market couldn’t be more miserable for first-time buyers. Mortgage rates and home prices have made monthly payments prohibitively high. And even if buyers can scrape the funds together, there’s very little existing-home inventory to choose from. President Joe Biden’s remedy? A series of proposed tax credits that, among other things, seek to cushion the blow for first-time and trade-up buyers. In his fiery State of the Union speech on Thursday, Biden laid out part of the plan:

Digging into the details in a White House fact sheet, Biden would push for legislation to give first-time middle-class buyers a $5,000 credit for two years. He also wants a one-year, $10,000 tax credit for “middle-class families who sell their starter homes,” provided that the properties are priced below the median price in their area and sold to another owner-occupant.

QOSHE - Biden’s Housing Tax Breaks Are a Start, Not a Silver Bullet - Jonathan Levin
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Biden’s Housing Tax Breaks Are a Start, Not a Silver Bullet

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11.03.2024

In many ways, the housing market couldn’t be more miserable for first-time buyers. Mortgage rates and home prices have made monthly payments prohibitively high. And even if buyers can scrape the funds together, there’s........

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