To address the state’s housing affordability challenges, Rogers offered an array of solutions to “nibble away at this.”
“If you can’t buy your first home until you’re 41, that’s a crisis,” he said.
Notably, he said the Home Builders Association of Michigan estimates that regulations account for $94,000 of the building costs. He did not offer any specific regulations to remove or indicate how, as a senator, he could make changes to state regulations.
He did, however, propose two new ways that Congress could make homebuying more affordable. Rogers, who as a state senator in 1999 authored the law that allowed for 529 post-secondary education savings accounts in Michigan, wants to expand that program.
“We can do the same thing for down payments on houses, get the community involved in helping younger folks get that down payment early,” he said.
Rogers also wants Congress to require rent payments to count towards credit scores.
“So that when you go into the bank, you don’t get the highest interest rate, you get the best interest rate. Right now, that doesn’t count,” he said. “You pay rent for seven or eight or nine or 10 years, it doesn’t count toward your credit score. I think that’s wrong.”