Saving to buy a first home can come with hurdles – student loan debt, rising home prices, and low salaries – that are difficult to overcome. States across the country are adopting first-time homebuyer savings account programs to boost homeownership.
In 1997, Montana became the first state to pass a bill creating a first-time homebuyer savings account program. Since then, nine more states (Alabama, Colorado, Iowa, Minnesota, Mississippi, Missouri, Montana, Oklahoma, Oregon, Virginia ), adopted similar programs that encourage future homeowners to save money for their first homes.
First-time homebuyer states are helping expand access to homeownership across the country. These savings accounts provide an opportunity to save for down payment in an economic and housing environment that can make this difficult. States with first-time homebuyer savings accounts are ensuring the next generation can pursue the American Dream of homeownership.
If your state already has a first-time homebuyer savings program, you can start taking advantage of saving for your first home! If a first-time homebuyer savings program isn’t available in your state, talk to you representatives about starting a program.