Skyrocketing home prices are impacting the ability of hardworking Americans to afford homes. Senator Jacky Rosen introduced a bill for a tax credit to assist first-time homebuyers. Reports show under Trump, a $59,000 income could afford a typical home, while under Biden, it has risen to over $106,000. President Biden is urging Congress to provide a $5,000 tax credit annually for two years to middle-class first-time homebuyers, benefiting over 3.5 million families. The high cost of housing is hindering Nevadans from homeownership, prompting Senator Jacky Rosen to advocate for a tax credit to reduce costs for first-time homebuyers. Zillow data reveals that four years ago, an income of $59,000 was sufficient to afford an average home, but now, due to factors like Bidenomics and inflation, an income of $106,000 is needed.
According to Zillow, four years ago, the average home required an income of $59,000 to be affordable — slightly below the average household income. Today, after four years of Bidenomics, Covid inflation, and open borders, you need an income of $106,000 to afford the average… https://t.co/8A3ytCMnQY
Owning a home is central to the American Dream. But the high cost of housing is making it difficult for hardworking Nevadans to buy a house. That’s why I helped introduce a bill to create a tax credit and help lower costs for first-time homebuyers. https://t.co/Ofu2ncndpw
President Biden is calling on Congress to provide middle-class first-time homebuyers with a tax credit of $5,000 a year for two years. This will help more than 3.5 million middle-class families purchase their first home over the next two years.
According to a new Zillow report: Under Trump, a household income of $59,000 a year could “comfortably afford the monthly mortgage on a typical U.S. home.” Under Biden, that number has risen to over $106,000.
Skyrocketing home prices are making it more difficult for hardworking Nevadans to achieve their dream of owning a home. I helped intro a bill to create a tax credit to help lower costs for first-time homebuyers, making it easier to afford a down payment. https://t.co/nbgBK4XOrM