Originally published in The Washington Post
APP President Terry Schilling and Senior Adviser Jon Schweppe authored an op-ed in The Washington Post outlining a bold policy solution to America’s growing housing affordability crisis: Home Affordability Savings Accounts, modeled after the success of Health Savings Accounts (HSAs).
With the median home buyer now 59 years old — up from 47 just five years ago — an entire generation of young Americans is being locked out of homeownership. The dream of owning a home, once a cornerstone of the American middle class, is slipping further out of reach for young families.
Schilling and Schweppe argue that tax-free investment accounts dedicated to saving for a home purchase could provide the critical boost that families need to build wealth and achieve homeownership, following the proven model that made HSAs one of the most popular financial tools in America.