Impact Analysis of First-Time Homebuyers Savings Accounts in Pennsylvania

Since the 2009 financial crisis, the share of first-time homebuyers has decreased from 45 percent of the national home sale market to just 32 percent, according to the National Association of Realtors®. Several states have passed legislation that would allow first-time homebuyers and their families to deposit money pre-tax into a savings account, where it grows tax-free for the exclusive purpose of purchasing a first home.