Biden's Home Buyer Tax Credit 2024

Joe Biden's 2024 Homebuyer Tax Credit proposal, part of the First-Time Homebuyer Act, aims to make homeownership more accessible to low- and middle-income Americans. This proposal has not yet been passed into law but offers a refundable tax credit of $5,000/yr for two years for first-time homebuyers, designed to address homeownership affordability and wealth inequality.

President Biden intends to urge Congress to introduce a temporary credit, offering up to $10,000 for families moving out of their initial homes, provided these homes are valued below the median price in their area. This proposal aims to inject movement into a segment of the housing market that has stagnated, as numerous homeowners are hesitant to upgrade to new homes due to the significant jump in mortgage rates from their current low rates of 2 or 3 percent.

It's important to note that while there's bipartisan support for efforts to make homeownership more accessible, the specific details and timing of when these proposals might become law remain uncertain. The First-Time Homebuyer Tax Credit aims to address the housing affordability crisis and the homeownership gap, particularly among marginalized communities, by providing significant financial assistance to first-time homebuyers.

We will be providing updates as they develop.