Senate Bill Would Give First-Time Homebuyers Up to $50K—but It Faces Uphill Battle in Congress

A new bill introduced by Sen. Jeff Merkley (D-OR) aims to make homeownership a reality for more Americans by allowing them to receive up to $50,000 from the federal government for a first-time home purchase.The Homeownership Promise Act, cosponsored by Sen. Ron Wyden, a fellow Oregon Democrat, would allow Americans to open Homeownership Promise Accounts to save for a first-time home purchase. For every dollar put into the account, the federal government would match it at a 5:1 ratio, up to $50,000 in federal matching funds.“Working families should be able to afford a decent home in a decent community,” Merkley said in a statement. “For millions of young Americans, homeownership remains further out of reach than ever before, keeping them from establishing the foundation that has enabled middle-class families to build equity for generations.”Merkley proposed the bill after learning that the age of first-time homebuyers was rising. A 2025 report from the National Association of Realtors® found that the median age of first-time homebuyers was 40, up from 31 in 2015.There is no income requirement to qualify for the account, but the proposal does have additional stipulations. To qualify,...