Renters, and Biden’s $15,000 homebuyer tax credit

By Alex Roha | Housing Wire

The housing industry has been keeping a keen eye on President Joe Biden’s proposed $15,000 homebuyer tax credit for first-time buyers. But just how many people would actually benefit from it?

According to a report from Zillow, about 9.3 million renter households in the U.S. (27.4%) would spend less than a third of their income on the monthly payment for the median home sold in their metro in 2020 if they received the full tax credit. That is, of course, if certain stars align: think a 3.5% down payment on a 30-year mortgage with a 3% interest rate.

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