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Are First‑Time Home Buyers Facing Desperate Times?

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Abstract

Based on recent proposals and policy dialogue, it would appear that first-time home buyers (FTB) are indeed facing desperate times. For example, in a recent Urban Institute study, Michael Stegman, Ted Tozer, and Richard Green advocate for a zero-downpayment Federal Housing Administration (FHA) mortgage. They argue that this would be a more efficient way to deliver much needed support to help households transition to homeownership given the challenges of high house prices and mortgage rates.

Suggested Citation

  • Donghoon Lee & Joseph Tracy, 2025. "Are First‑Time Home Buyers Facing Desperate Times?," Liberty Street Economics 20250203, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:99489
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    File URL: https://libertystreeteconomics.newyorkfed.org/2025/02/are-first-time-home-buyers-facing-desperate-times/
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    More about this item

    Keywords

    first-time home buyers; homeownership;

    JEL classification:

    • G5 - Financial Economics - - Household Finance
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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