Vice President Kamala Harris visited Bowie State University Wednesday afternoon to discuss action to lower housing costs.
The vice president was joined by Maryland Governor Wes Moore and U.S. Department of Housing and Urban Development Secretary Marcia Fudge for an announcement of the Biden-Harris Administration’s plan to expand access to housing.
Harris announced federal action that the White House says will save homebuyers and homeowners who have new mortgages insured by the Federal Housing Administration an average of $800 per year, lowering housing costs for an estimated 850,000 homebuyers and homeowners in 2023.
According to the White House, the action takes effect on March 20 and it will reduce the annual mortgage insurance premium by 30 percentage points, from 0.85% to 0.55%.
The White House said the average homebuyer in Maryland’s Prince George’s County will save about $900 a year, based on the average home price in the county of around $300,000.
“Home ownership is an essential part of the American dream. For so many people, a home is more than a house. It is community, the community that comes from block parties and cookouts and lending a cup of sugar to your neighbor, financial security, the chance to build wealth and equity that can help put your child through college,” Harris said.
For more information, click here to read the official White House fact sheet.