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The Home Buyer Tax Credit of 2009 and the Transition to Homeownership

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  • Kimberly Goodwin
  • Leonard Zumpano

Abstract

One of the ways the government in the United States responded to the collapse of the housing bubble in 2007 was to provide a tax credit to first-time home buyers. Anyone purchasing their first home between April 2008 and April 2010 was eligible for a tax credit of up to $8,000. This study uses data from the 2009 National Association of Realtors® (NAR) Home Buyer and Seller Survey to examine the impact of the Home Buyer Tax Credit of 2009 on purchasing behavior. The findings reveal that the credit offering did serve as incentive to two main groups of buyers: minority groups with historically low homeownership rates and younger buyers with lower incomes who moved up their purchasing timeline to take advantage of the tax credit.

Suggested Citation

  • Kimberly Goodwin & Leonard Zumpano, 2011. "The Home Buyer Tax Credit of 2009 and the Transition to Homeownership," Journal of Housing Research, Taylor & Francis Journals, vol. 20(2), pages 211-224, January.
    • Handle: RePEc:taf:rjrhxx:v:20:y:2011:i:2:p:211-224
    DOI: 10.1080/10835547.2011.12092040
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