Missouri bill could help millennials buy homes - KAIT Jonesboro, AR - Region 8 News, weather, sports

Missouri bill could help millennials buy homes

(Source: Raycom Media) (Source: Raycom Media)

JEFFERSON CITY, Mo. (AP) - Missouri lawmakers are pushing a bill that could make it easier for people buying a home for the first time.

The Kansas City Star reports the bill would allow Missouri residents to set aside money in a first-time home buyer savings account and deduct state taxes on half the contributions. The funds could be used for a down payment, closing costs and other fees for buying a home.

Bill sponsor Republican Rep. Becky Ruth says first-time home buyers often begin their careers with student debt and minimal savings. A survey by the National Association of Realtors and the American Student Assistance says millennials put off home ownership by an average of seven years, and more than 80 percent of responders blame student debt.

The measure passed in the House but awaits action in a Senate committee.

Information from: The Kansas City Star, http://www.kcstar.com

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