With its abundant housing stock, diverse neighborhoods and quality schools, New York is home to some of the best housing opportunities in the nation.
But for many hardworking New Yorkers who want to buy their first homes, barriers such as high closing costs, mortgage recording fees, real estate transfer taxes, student loan debt and a challenging job market prevent them from realizing their dreams of homeownership.
Homeownership strengthens communities, provides stability for families and is essential for building wealth, especially for retirement.
Although interest rates remain at historic lows, research from the National Association of REALTORS® shows a significant decline in homeownership and – worse still – the percentage of first-time home sales is at its lowest levels in decades.
NY First Home
If adopted, the NY First Home proposal would help New Yorkers achieve their dream of homeownership.
Modeled after the state’s 529 college education savings program, the NY First Home initiative would function as a dedicated, tax-free savings account program that would allow individual New Yorkers to:
The New York State Association of REALTORS (NYSAR) is supporting legislation that can make the NY First Home proposal a reality for millions of New Yorkers across the state.
Right now, the New York State Legislature is considering the proposal. Your support today can make the difference for first-time homebuyers tomorrow.
80 percent of New Yorkers believe that buying a home is a good financial decision.
84 percent of New Yorkers feel that having enough money to pay for a down payment and closing costs is a significant obstacle that makes buying a home too difficult or expensive.
82 percent of New Yorkers support the NY First Home proposal.