>In 1990, more than two-thirds of wealth was held by working-age households. Today, the shares have flipped. Nearly two-thirds is held by American households over age 60.
>If the median home price is around or above $400,000, a typical first-time buyer is putting down about 10 percent, or roughly $40,000. A benefit in the $40,000 to $50,000 range could substantially cover that upfront cost.
Doesn’t that just raise the median price to $440K?
>Federal spending today is heavily weighted toward Americans who have already built wealth, and away from those still trying to. That is not an argument against Social Security or Medicare. It is an argument for giving younger Americans a program of comparable ambition
>The federal government would cover part of a first-time buyer’s down payment based on years of full-time work: The longer you contributed, the more help you receive. The benefit could accrue at roughly $5,000 a year, capped at $50,000, enough to cover a substantial share of a typical down payment on a median-priced home. The support would arrive at closing, not as a tax credit months later. It would be visible, not submerged.
So if everyone gets $50K at closing, doesn’t the market just reprice to absorb that? Isn’t this exactly how we got here?
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>In 1990, more than two-thirds of wealth was held by working-age households. Today, the shares have flipped. Nearly two-thirds is held by American households over age 60.
>If the median home price is around or above $400,000, a typical first-time buyer is putting down about 10 percent, or roughly $40,000. A benefit in the $40,000 to $50,000 range could substantially cover that upfront cost.
Doesn’t that just raise the median price to $440K?
>Federal spending today is heavily weighted toward Americans who have already built wealth, and away from those still trying to. That is not an argument against Social Security or Medicare. It is an argument for giving younger Americans a program of comparable ambition
>The federal government would cover part of a first-time buyer’s down payment based on years of full-time work: The longer you contributed, the more help you receive. The benefit could accrue at roughly $5,000 a year, capped at $50,000, enough to cover a substantial share of a typical down payment on a median-priced home. The support would arrive at closing, not as a tax credit months later. It would be visible, not submerged.
So if everyone gets $50K at closing, doesn’t the market just reprice to absorb that? Isn’t this exactly how we got here?