The ‘Big Money Show’ breaks down record mortgage refinances as high mortgage rates put off buyers and freeze the housing market.
Buying a home was once a cornerstone of the American Dream, but for millions of families, that dream comes at an unaffordable price.
With average pay more than doubling from 2019 to $30,400, Sen. Rick Scott, R-Fla., will skip “economy-crushing” inflation. His recently introduced American Dream Accounts Act will empower first-time buyers to protect their money from the IRS, allowing them to quickly build a down payment and reclaim a stake in the country’s future.
“I grew up in public housing and watched my family struggle to make ends meet. For us, owning a home was not easy to reach because we couldn’t afford it,” Scott said in a press release. “Today, many Americans face that struggle, especially young first-time buyers who view home ownership as an important step to help them achieve their American dream.”
McMANSIONS BECOMING A FINANCIAL ‘LIBIBILITY’ AS BUYERS SUFFER MORE HOMES
On Friday, the senator introduced the bill, which would allow for tax-free donations and qualified underpayment withdrawals. People under 35 can contribute up to $7,500 a year, while those over 35 have a “withholding” limit of $10,000 a year.
A “For Sale” sign is displayed outside a home for sale on Aug.16, 2024, in Los Angeles, California. (Getty Images)
There is flexibility for couples as two buyers can combine distributions, allowing for a total distribution of up to $500,000.
However, ineligible withdrawals will face a 10% penalty, mirroring traditional 401(k) rules to ensure that money stays focused on buying a home.
Sen. Rick Scott, R-Fla., joins ‘Mornings with Maria’ to weigh in on President Donald Trump’s $1.5T defense push, the Pentagon’s $50B request, rising costs of the Iran conflict and the Senate’s debate over the SAVE Act.
Realtor.com’s latest Down Payment Report found that the median asking price for a home rose to $30,400 in the third quarter of 2025, double the 2019 rate. Additionally, the report estimated that it takes about seven years to save that payment.
“Unfortunately, years of inflation-driving, Democrat-led policies to crush the economy are not helping to make it easier. That’s not right, and that’s why I fight every day to bring real solutions that make housing more accessible to everyday Americans and make the dream of home ownership a reality,” said Scott.
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The ‘Big Money Show’ panel discusses the Congress plan to deal with the country’s housing crisis.
“Home ownership means stability and stability in the economy,” he continued. “This bill will help first-time buyers save faster, and their money go further to ease the financial barrier to home ownership for families.”
Although the bill of Sen. Scott is taking the initiative at the federal level, several states, including Virginia, Colorado, Iowa and Oregon, have pioneered first-time home buyer savings accounts to help Americans reach their goals of home ownership.
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