How Joe Biden Would Reshape the Nation's Housing Market
Campaign promise: Help more Americans achieve homeownership
One of the main planks of Biden's $640 billion housing plan, which his campaign dropped in February, has been to help more Americans become homeowners. Now that he's president, he has the opportunity to turn that high-flying plan into reality as he tries to heal the divisions within the nation.
He plans to give first-time home buyers a down payment tax credit of up to $15,000 that they could actually use at the time of purchase. As home prices have soared in recent years, this could be a big help to many cash-strapped buyers. The median home list price was $350,000 in September, according to the most recent data available.
“Biden recognizes how challenging it can be for some people to become homeowners," says Hale, predicting that his administration will "pursue policies that will make getting your foot in the door easier.”
Meanwhile, teachers, first responders, and other public and national service workers would also be eligible for down payment assistance and lower home prices. However, they would need to buy and move into homes in either struggling, lower-income neighborhoods or pricier communities that don't offer much more reasonably priced housing.
“These are some of his more innovative ideas about combining housing assistance with improving communities," says Goetz. "It’s a good thing, [but] I don’t know how much of that is actually going to happen.”
For more information and to stay up to date with market trends contact the experts at Integrated Real Estate Services, Info@Integratedrealestate.net.