Reviving the American Dream for Young Families

The average age of a first-time homebuyer in America is now 40 years old and continues to rise. This is all the proof anyone should need to see that the American Dream is becoming out of reach for too many young families across the country.

This is largely due to the fact that housing prices are skyrocketing as the supply of starter homes on the market shrinks. That’s why I introduced the American Dream Act to expand a tax incentive that will encourage seniors to sell their house to a first-time homebuyer.

Specifically, the bill would waive capital gains taxes for seniors age 65 and older who sell any single-family home, including a vacation or rental home, for $500,000 or less to a new homeowner. My hope is that this legislation will move more houses into the purchase market, driving down costs and making the American Dream accessible to more people in our communities.

This is just one of the many ways I’m working to remove hurdles so more young people can afford to buy their first homes. Reviving the American Dream is one of the key principles of my Blueprint for a Better America, my bold agenda to take on the status quo, lower costs, and put working families first.

You can learn more about the blueprint by clicking here.