Can the federal government help with affordable housing?
A bipartisan group of lawmakers in Congress introduced the Affordable Housing Credit Act on Wednesday. The bill would help clear the way to build almost two million new affordable homes in the next 10 years. Sponsored by Sen. Maria Cantwell (D-WA), and co-sponsored by Sen. Todd Young (R-IN), Ron Wyden (D-OR), and Marsha Blackburn (R-TN), the bill has been referred to the Senate Finance Committee.
The measure would expand and strengthen the low-income housing tax credit program, which is the most successful government sponsored affordable housing program.
Rep. Darin LaHood (R-IL) and Rep. Suzan DelBene (D-WA) have introduced companion legislation in the House of Representatives.
With support from both parties in both houses of Congress, there’s a good chance this bill could become law and help introduce new affordable homes into the market.
Who is looking for homes in the current housing market?
Chicago Bears fans will be unhappy to see this, but Green Bay, WI has been named the best metro area to live in the country for 2023 – 2024 by U.S. News and World Report.
Green Bay ranked near the top of metro areas surveyed for quality of life while having the third lowest housing cost out of the 150 areas included.
Cost of life factors that Green Bay won out on were short average commute, low risk of natural disasters, low crime rates, and relatively healthy air quality.While the Spring market has yet to really heat up, there are options available, and the competitors for affordable homes are very diverse. With millennials entering their homebuying years and baby boomers getting ready to retire, a lot of the same homes are drawing competition from the two different groups.
Baby boomers are looking to downsize, while millennials are looking to get into starter homes, and starting to embrace small towns and suburbs.
In 2022, baby boomers accounted for 39% of homebuyers, while millennials took up 28% of the market. Boomers are more likely to pay cash, while millennials have struggled to find affordable housing with higher mortgage rates.
The two groups will likely remain competitors until we start to see new home construction projects come onto the market in greater numbers.
Where are the oldest homes on the market in the US?
How would you feel about owning a home that’s over 350 years old? That’s exactly what you’ll get if you buy 532 High St. in Chestertown, MD. Built in 1668, the two-bedroom, stone-built home is listed as ‘needs renovation’, but is currently for sale. It reportedly hasn’t been occupied since 1996.
There are multiple homes over 200 years old available for sale. If you’re a history buff, and don’t mind taking on a few projects, you may be able to find your true dream home by looking at properties that have been around for a few hundred years.
Do you have a property in mind? Start your pre-approval and begin your journey towards living in the home you’ve had your eye on.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
