Expanding Support for First-Time Homebuyers

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Expanding Support for First-Time Homebuyers

Purchasing a home is a priority for about 8 in 10 Americans, yet the path to homeownership is filled with roadblocks. Rising home prices, coupled with low supply and competitive bidding, challenge today’s first-time homebuyers like never before. The American Property Owners Alliance is advocating for creative solutions that will aid buyers on multiple fronts.

First-time homebuyers make up just 32% of all buyers today.

In recent years, the median age of a first-time homebuyer has risen to 35 years old. At the same time, the share of first-time buyers navigating the market has steadily declined.
The market’s low inventory and volatile mortgage rates – currently fluctuating between 6-7% – continue to keep hopeful millennial and Generation Z buyers on the sidelines. With current owners holding onto the low rates they secured years ago, fewer homes are being put up for sale, further limiting supply.

For the 1.01 million homes that are available on the market, most aren’t affordable.

Buyers hope to spend, on average, $313,141 on a house in 2024, yet the median price for a home today is $379,100 and the average monthly mortgage payment is roughly $2,883 on 30-year fixed mortgage.
What’s more, buyers are consistently challenged by the competition, especially when the competition pays all cash. Today, one-third of buyers are paying in cash, sparking competitive bidding wars and pushing more individuals out of the market.

The American Property Owners Alliance is a group of property owners and industry experts from across the country who are working together to advance solutions that will expand support for first-time homebuyers and improve equitable access to homeownership. Learn about the solutions we support and how you can help put pressure on Congress to act now to implement them.

Expand Pre- and Post-Purchase Consultation

Provide more direct support to buyers to help them navigate every step of the homebuying process, from saving for a downpayment to securing homeowners insurance.

Alternative Credit Modeling

Implement alternative credit modeling that’s not based solely on credit scores to support equitable access to mortgage loans and set buyers up for financial success.

Assistance and Incentives

Develop downpayment assistance programs to help buyers secure an affordable home and incentives for current owners to sell to first-time buyers to help expand the marketplace.

 

Act Now to Support First-Time Homebuyers

 

Homeownership is a critical wealth building tool and the foundation of strong communities. It’s time for Congress to expand support for first-time homebuyers.

 

This is why I’m joining the American Property Owners Alliance and people across the country in calling on Congress to support three bipartisan solutions that can improve equitable access to homeownership:

  • Expanding pre- and post-purchase consultation for homebuyers
  • Alternative credit modeling to support equitable access to mortgage loans
  • A combination of downpayment assistance and incentives for owners to sell to first-time buyers

Sign the petition urging Congress to support the bipartisan solutions that will bolster financial education and expand assistance for first-time buyers.

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