Delegate Chisholm Presents Affordable Housing Act Of 2023

ANNAPOLIS, Md. – The Affordable Housing Act of 2023 has a hearing today in the House Ways and Means Committee. Offered by Assistant House Minority Whip Delegate Brian Chisholm (District 31, Anne Arundel), this bill is part of the House Republican Caucus Legislative Agenda for 2023.

The Affordable Housing Act (HB 766) eliminates the state transfer tax on the purchase of primary residences priced at $350,000 and under. The bill will save Maryland homebuyers up to $1,750.

“Like everything else in the Biden economy housing prices are increasing rapidly,” said Delegate Chisholm. “Higher prices for everything combined with increasing interest rates have made it harder for many families to purchase a home. This is a modest measure that will reduce the overall cost of buying a home, hopefully giving some relief to Marylanders.”

According to data from Maryland REALTORS, the median price for a home in Maryland was $360,000 in January 2023. According to Redfin, home prices in January 2023 were up 1.3% year over year, but the number of homes sold fell 36.7%.

“We as policymakers should be promoting homeownership because it is the most effective way to build wealth, especially for low-income households,” said Chisholm. “We should be encouraging homeownership at every level in an effort to empower more Marylanders to begin the journey of building greater wealth.”

According to the 2019 Survey of Consumer Finances, a triennial survey that collects detailed accounts of households’ finances, the median homeowner has 40 times the household wealth of a renter – $254,900 for the former compared to $6,270 for the latter. The lower the income of a homeowning household, the greater the share of its wealth coming from homeownership. This pattern has remained consistent over the last three decades, according to the historical Survey of Consumer Finances data. 

“Part of the legislative package our Caucus put together this year focuses on restoring and improving Maryland’s economy,” said Chisholm. “The Affordable Housing Act of 2023 will assist Marylanders in achieving the American dream of owning a home. This will only make our economy stronger.”