Empowering First-Time Homebuyers

The average age of a first-time homebuyer is now 40 years old, a sure sign that the American Dream of homeownership is slipping further out of reach for too many young families. Rising home prices and the challenge of saving for a down payment have created significant barriers that prevent hardworking Americans from achieving the stability and security that comes with investing in a home.

That's why I introduced the First-Time Homebuyer Empowerment Act. This bipartisan legislation would allow first-time homebuyers to put leftover college savings toward a down payment. Many families create tax-advantaged 529 accounts to help their children save for college, but when a child grows up and completes an education, he or she can’t use available funds for other major life expenses without paying taxes on the withdrawn funds. 

I’m working to change that so someone buying a first home could withdraw up to $35,000 of unused funds from their 529 account — tax free. By freeing up these accounts and allowing young families to use their existing savings, we're removing one of the biggest obstacles to homeownership and helping the next generation invest in their future.

This bill is part of my broader Blueprint for a Better America, which aims to revive the American Dream by lowering costs for homebuyers, boosting construction, and ensuring families have a fair shot at homeownership before large corporations buy up properties. Together, these efforts will make homeownership accessible again for working families across the country.