Biden will urge Congress to give $10,000 to first-time home buyers and $25,000 ... trends now
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President Joe Biden is preparing to push for a massive housing initiative as more and more young adults say they can't afford to buy their first home.
Amid record-high inflation and rising mortgage interest rates, Biden will urge Congress to alleviate mortgage interest rates by offering first-time homebuyers a $5,000 credit each year for their first two years of home ownership to equate a total of $10,000.
The White House says this should equate to essentially knocking off 1.5 percent of homeowners' interest rate for the medium home in the U.S.
In a series of proposals in his State of the Union address on Thursday evening, Biden will urge Congress to help free up some of the housing market by offering a one-year credit of up to $10,000 for families who sell their starter homes.
The average mortgage interest rate for a $300,000 loan is 7.9 percent for a 30-year fixed term. Meanwhile, the average cost of a home in the U.S. is upwards of $400,000.
President Joe Biden will urge Congress to pass massive relief to try and provide aid by inject the housing market with more first-time homebuyers and encourage families to move out of their starters homes
Inflation rates saw massive spikes after the pandemic. Last month it neared 7 percent and as of March 7 sit at 7.9 percent for a 30-year fixed mortgage for a $300,000 loan. The average costs of a home is more than $400,000
