Buying a home is a significant milestone for many individuals and families, that creates opportunities for growing families as well as the accrual of generational wealth. However, since the COVID pandemic inflation has impacted all aspects of our economy, and in the housing market it is especially pronounced. In Pennsylvania, the median home price has increased dramatically since 2020 making it even more challenging for homebuyers to purchase a home that fits their needs. 

In addition to the increased cost of housing, Pennsylvania has been losing at least 1 congressional district each decade as other states have grown faster than Pennsylvania. This reduces Pennsylvania’s voice in Washington, making it more challenging for the taxpayers of the Commonwealth to be able to secure Federal investments in Pennsylvania. 

To address these two issues, our legislation will provide a realty transfer tax credit for qualifying individuals and families who are either new residents of the Commonwealth or current residents who have not purchased a home in the previous five years. This credit will sunset in 2030, when the General Assembly can then determine if it has been effective in meeting the goals of reducing the inflationary pressures on Pennsylvanians as well as increase population growth in our Commonwealth.  

This is just one of the ways that we can directly help our neighbors with rising costs, while also helping to grow our workforce. Purchasing a home connects individuals and families with their communities, provides long-term financial stability through fixed mortgages, and increases economic growth across the Commonwealth. Please join us to provide some financial relief for homebuyers and jumpstart the housing market in Pennsylvania.