by In a significant move to support homeownership across Pennsylvania, the state House of Representatives has passed a bill designed to help first-time homebuyers. The new legislation introduces a first-time homebuyer savings account, enabling individuals to deposit tax-deductible funds to save for their first home.
The bill’s sponsor, Representative Ryan Bizarro (D-Erie), emphasized its potential to boost homeownership in Pennsylvania. He noted that the program could increase home purchases in the state by up to 4,000 annually, contributing an estimated economic impact of between $7.8 million and $68.8 million.
“This initiative will stimulate Pennsylvania’s economy by creating more jobs and increasing household earnings,” Bizarro explained.
Representative Thomas Kutz (R-Mechanicsburg) also voiced support for the bill, highlighting the challenges faced by today’s homebuyers. “Home values have nearly doubled, and interest rates have risen, making it significantly harder to afford a down payment. This bill will help those seeking homeownership save for that crucial first down payment,” Kutz said.
The proposed savings accounts are seen as a critical tool for first-time buyers in an era when homeownership rates have fallen by over 13%. Kutz further stressed the importance of taking action to ensure that future generations have better opportunities for homeownership.
The bill’s potential to ease the housing market is particularly relevant amid concerns that Baby Boomers are less likely to downsize, limiting the available housing supply. Moreover, the growing influence of private equity firms in the housing market has further complicated the affordability landscape.
Despite the positive support for the bill, it passed the House with a bipartisan majority of 183-20, with the opposition primarily coming from Republicans.
Pennsylvania homebuyers, tax deduction, first-time homebuyer savings account, Ryan Bizarro, Thomas Kutz, homeownership, real estate, housing market, economic impact, Pennsylvania politics, 2025 news.
