Key Highlights
- First-time buyers want the government to lower interest rates, provide tax credits and ease lending standards
- Wish lists for the government vary by ethnicity and economics
First-time homebuyers of all stripes, income levels and ethnicities agree that the government could do more to help more people become homeowners. Those agreed-upon wish list items from the government include…
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- Lowering interest rates – 66%
- Providing tax credits – 49%
- Easing lending standards – 45%
- Encouraging new construction – 24%
However, when it comes to first-time buyers earning less than $100,000/year, 69%, not 66%, wish the government would lower interest rates despite interest rates currently being at historic lows.
The Federal Reserve recognizes that the country’s economic expansion of eleven years has not equally benefitted everyone across the board. Fed Chairman Powell said as much when he acknowledged that the strength of our economic indicators “…mask important disparities by income, race and geography.”
Take a look at the demographic and ethnic differences expressed when all first-time buyers were asked about these wish list elements:
Lowering Interest Rates – 66% total
- Caucasian – 63%
- African American – 75&
- Asian – 72%
- LatinX – 62%
Providing Tax Credits – 49% total
- Caucasian – 47%
- African Americans – 57%
- Asian – 65%
- LatinX – 40%
Easing Lending Standards – 45% total
Caucasian – 47%
African Americans – 56%
Asian – 45%
LatinX – 45%
Encouraging New Construction – 24% total
- Caucasian – 23%
- African Americans – 16%
- Asians – 42%
- LatinX – 23%
Thanks to Redfin’s Daryl Fairweather for source data.
Also read: Podcast: What To Expect In 2020? 10 Key Points!, Be the Agent a Buyer/Seller Turns to for Help, Buying Without A Mortgage? Fleq Says Yes!
