Projected Impact

Projected Impact

  • There are an estimated 570,000 renters in Alabama. Approximately 328,000 aged 44 or less.
  • An estimated .2%-1.1% of eligible residents (590 to 3,675) households would use a First-Time Home Buyers Savings Account.
  • The First-Time Home Buyer Savings Account Program is projected to increase home sale transactions by 130 to 4,160 sales per year.
  • The First-Time Home Buyer Savings Account Program would have a positive net economic impact on the state that would range from $2.4 million to $26.8 million annually in economic activity due to increased home purchases spurred by the FHSA program.
  • The First-Time Home Buyer Savings Account Program would create up to 245 jobs and increase annual earning for residents by $613,000 to $6.8 million in numerous sectors of the economy affected by homeownership.