HomeFinance NewsPersonal financeUnlock Your Dream Home: First-time Homebuyers and Sellers Rejoice!

Unlock Your Dream Home: First-time Homebuyers and Sellers Rejoice!


Biden proposes $10,000 tax breaks for first-time homebuyers, ‘starter home’ sellers


President Biden has proposed tax credits to make homeownership more affordable for middle-class Americans.

First-time homebuyers could get $5,000 annually for two years while families selling their “starter homes” to other owner-occupants could receive up to $10,000.

However, experts are not unanimous in their belief that these measures will solve the country’s housing affordability issues, as they may not address the underlying problems of high mortgage interest rates and a shortage of affordable housing supply.

  • Overall sentiment: neutral
  • Positive

    “President Biden has proposed a “mortgage relief credit” of $5,000 per year for two years for middle-class, first-time homebuyers.”


    “However, experts have mixed opinions about whether the policies will help the country’s housing affordability issues.”

    “While rates have fallen from 2023 peaks, the average interest rate for 30-year fixed-rate mortgages was still hovering around 7%, as of March 7.”

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