Biden says his 5K per year housing credit will help over 3.5M families buy first home

[havoc00]

President Joe Biden has proposed a new tax credit that would provide $5,000 per year — over two years — for first-time homebuyers.

The credit would offset the costs of purchasing a home — which are becoming increasingly unaffordable for middle-income Americans, amid high prices and mortgage rates.

Biden is calling on Congress to approve his “mortgage relief credit,” which the White House said will help more than 3.5 million middle-class families purchase their first home over the next two years.

An official told CBS MoneyWatch these credits — which will be split into $400 monthly payments — would be limited to households earning less than $200,000.

Biden is further proposing a one-year tax credit of up to $10,000 to middle-class families who sell their starter home (a home that is below the area median home price in the county) to another owner-occupant and help make more of these homes available to first-time homebuyers.

"Many homeowners have lower rates on their mortgages than current rates," the White House said. "This 'lock-in' effect makes homeowners more reluctant to sell and give up that low rate, even in circumstances where their current homes no longer fit their household needs."

Both of these credits would only be available to homebuyers who purchase properties in 2024 or 2025, CBS MoneyWatch reported.

https://finance.yahoo.com/news/biden...095800782.html

[NitrogenWidget]

homes are unaffordable because half of them are bought by corporations and not citizens.
if he REALLY wanted to help he would pass legislation making it impossible for corporations to buy single family homes.

they can still buy duplex's, condos, and apartment buildings.

but messing with the inventory of single family homes is what is causing the main problem.

[Postmort3m]

homes are unaffordable because half of them are bought by corporations and not citizens.
if he REALLY wanted to help he would pass legislation making it impossible for corporations to buy single family homes.

they can still buy duplex's, condos, and apartment buildings.

but messing with the inventory of single family homes is what is causing the main problem.

Those corporations feed the political machine and no one is going to close that spigot

[frankdtank20]

Move that decimal over a few digits. 35,000 families? Maybe.

"I mean c'mon man. What's the average house cost these days? A hundred grand? We'll be helping out a lot of folks. No joke."

[HateLiberals]

Illegals get more than that per month lmao

[NitrogenWidget]

Those corporations feed the political machine and no one is going to close that spigot

yup.
and by the time people realize what has been going on their grand kids will be living with them.

[havoc00]

Illegals get more than that per month lmao

Thats Bidenomics JACK

[2011change]

5k? That aint chit in bideconminics

[~Hades~]

homes are unaffordable because half of them are bought by corporations and not citizens.
if he REALLY wanted to help he would pass legislation making it impossible for corporations to buy single family homes.

they can still buy duplex's, condos, and apartment buildings.

but messing with the inventory of single family homes is what is causing the main problem.

That’s not why.

The greater problem to the housing price increase was a lost decade of home building. New construction dropped 80-90% following the 2008 crash. It will almost a decade to get back to the same amount of starts per year. That combined with covid crunched the supply

[nutsy54]

Or take the solution of personal responsibility: Scale back and buy the home you Need, not the home you Want.

$17.5 Billion/year plan, and that's just for the direct payments. Now add in a massive new federal bureaucracy to track and manage monthly payments for millions of accounts for decades

[SmashinYoungVag]

Or take the solution of personal responsibility: Scale back and buy the home you Need, not the home you Want.

$17.5 Billion/year plan, and that's just for the direct payments. Now add in a massive new federal bureaucracy to track and manage monthly payments for millions of accounts for decades

So you want all the homes to be bought up by corporations? Because that’s the route we’re going down.

[RIKTER]

I dont mean any offense by this, but, if 5K is whats keeping one from being able to buy/afford a home...then the rest is self explanatory.

[nutsy54]

So you want all the homes to be bought up by corporations? Because that’s the route we’re going down.

That's a nice talking point, do you have any proof? How does me buying a home I could afford, which I paid off in 4 1/2 years, have a relevance on "corporations"?

https://www.housingwire.com/articles...mes-this-year/

[Bushmaster]

I dont mean any offense by this, but, if 5K is whats keeping one from being able to buy/afford a home...then the rest is self explanatory.

It's all political theater.. Obama did the same thing once when he gave $5k loans for first time homebuyers.. People who had been apartment dwellers their entire lives suddenly became ecstatic at the thought of buying their first house - even though it was spelled out that it was a LOAN that they would have to pay back.

[gachase21]

Increasing demand lowers cost burden.


Mkay

[turk75]

Speaking of buying/selling homes!...



This communist cuck should be in prison... right OPgenius? MinisterOfChildLust, NYFaqqot, Sillie, SeaTURD?? any of you twinks wanna chime in?

In before, "it's (D)ifferent!!"

[NitrogenWidget]

That’s not why.

The greater problem to the housing price increase was a lost decade of home building. New construction dropped 80-90% following the 2008 crash. It will almost a decade to get back to the same amount of starts per year. That combined with covid crunched the supply

i see the crash now but it's been steadily increasing since.


https://ipropertymanagement.com/rese...20since%201959.

[NitrogenWidget]

That’s not why.

The greater problem to the housing price increase was a lost decade of home building. New construction dropped 80-90% following the 2008 crash. It will almost a decade to get back to the same amount of starts per year. That combined with covid crunched the supply

i see that now.
looks like it has been increasing though.


https://ipropertymanagement.com/rese...20since%201959.

[scooterbrah]

Biden is further proposing a one-year tax credit of up to $10,000 to middle-class families who sell their starter home (a home that is below the area median home price in the county) to another owner-occupant and help make more of these homes available to first-time homebuyers.

"Many homeowners have lower rates on their mortgages than current rates," the White House said. "This 'lock-in' effect makes homeowners more reluctant to sell and give up that low rate, even in circumstances where their current homes no longer fit their household needs."

do they really think that a single tax credit will convince people with 2.5% rate sell and buy a new house at 7%?

[~Hades~]

i see that now.
looks like it has been increasing though.


https://ipropertymanagement.com/rese...20since%201959.

yep its getting better but there is still a massive shortage in most areas. now, im not saying institutional buyers dont contribute but its a drop in the bucket compared to the lack of new builds since 2005

last year about 4.1 million homes. its one of the lowest totals in recent history.

but we are talking about 20 million-ish homes not being built over the last 15 years

[~Hades~]

do they really think that a single tax credit will convince people with 2.5% rate sell and buy a new house at 7%?

its not designed for those people. they are just gas lighting with that rate convo in this situation


are you correct that people with low rates dont want to give them up? yes you are and that is another factor hurting inventory right now. a few years ago mom and dad whose kid would be gradutating in a couple months would be getting ready to sell their house. they are just sitting on it now.

this will change as we move farther from the low rate environment tho. buyers have already come to terms with rates. sellers havent yet

[Jasonw1178]

Using taxpayer funds to lock more people into debt and that money goes to the banks.

[~Hades~]

Using taxpayer funds to lock more people into debt and that money goes to the banks.

correct. community reinvestment act 2.0