Down payment accounts: How a new bill will help first-time home buyers, lawmakers say

A new bipartisan bill proposes tax-deferred savings accounts to help first-time homebuyers save for down payments. Individuals could contribute up to $10,000 annually, and couples up to $20,000, with funds used for down payments or closing costs. The measure aims to address affordability challenges as the median age of first-time buyers rises to 40, delaying homeownership and reducing market equity.

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