Bill Overview
Title: Increasing Home Ownership for Servicemembers Act
Description: This bill requires the Department of Defense to seek to enter into an agreement with a federally funded research and development center or nonprofit entity to study and report on the barriers to home ownership for members of the Armed Forces.
Sponsors: Sen. Warnock, Raphael G. [D-GA]
Target Audience
Population: members of the Armed Forces
Estimated Size: 2100000
- The bill is specifically aimed at the members of the Armed Forces, indicating they are the primary population impacted.
- The focus is on barriers to home ownership, so servicemembers interested in buying homes would be especially impacted.
- The Department of Defense has a wide number of active-duty and reserve personnel, all of whom potentially desire home ownership at some point.
- According to recent statistics, there are approximately 1.3 million active duty personnel and an additional 800,000 reservists in the U.S.
Reasoning
- The policy targets current members of the Armed Forces who are interested in home ownership. Therefore, we need to consider different segments within this population based on their current housing situation, financial literacy, and readiness to purchase a home.
- While the primary target is active-duty servicemembers, there could be indirect impacts on family members or veterans if their circumstances align with those of active-duty personnel.
- The budget constraints indicate a limited initial reach, likely focusing on research and pilot programs in specific areas rather than wide-scale implementation in the first year.
- The policy focuses on identifying barriers, so the initial impact might be seen more in understanding and preparedness rather than immediate changes in home ownership rates.
- Considering the commonness ratings, it's evident that while many servicemembers might face barriers in home ownership, the intensity and duration of impact could vary significantly depending on individual circumstances.
Simulated Interviews
Navy sailor (San Diego, CA)
Age: 28 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- The policy seems promising if it can lower the barriers for military families like mine to own a home.
- I think it could help improve financial stability for servicemembers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Army paratrooper (Fort Bragg, NC)
Age: 35 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 8/20
Statement of Opinion:
- Having a home gives peace of mind and this policy might make understanding the process easier.
- I hope this leads to more education programs about home ownership for soldiers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 6 |
Marine Corps logistics officer (Honolulu, HI)
Age: 32 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 12/20
Statement of Opinion:
- Frequent moves make buying a home challenging, but if this policy addresses those aspects, it could help.
- I believe better understanding can open up more possibilities for servicemembers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Retired Air Force pilot (Colorado Springs, CO)
Age: 45 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- As a veteran who owns a home, I might not benefit directly, but more servicemembers should have this opportunity.
- Policy should focus on educating current servicemembers about long-term benefits.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 9 | 9 |
| Year 20 | 9 | 9 |
Army nurse (Killeen, TX)
Age: 26 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 7.0 years
Commonness: 9/20
Statement of Opinion:
- I'd love to own a home eventually, so anything that makes the process clearer is a plus.
- This should address high costs in areas near military installations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 6 |
Coast Guard engineer (Alexandria, VA)
Age: 30 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 7/20
Statement of Opinion:
- I support any initiative that helps us make informed decisions about home buying.
- The report could be a crucial step forward, but it needs actionable steps after identification.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 8 |
| Year 2 | 9 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 10 | 8 |
| Year 10 | 10 | 8 |
| Year 20 | 9 | 8 |
Navy officer (Virginia Beach, VA)
Age: 40 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 4.0 years
Commonness: 6/20
Statement of Opinion:
- I hope this policy can help improve access to resources and financial advice.
- It would be great if more flexible programs were introduced post-research.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 6 |
Army private (Fort Drum, NY)
Age: 24 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 11/20
Statement of Opinion:
- Home ownership seems far off for me right now, but knowing it's possible is reassuring.
- I hope this eventually leads to more affordable options for us.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Army logistics analyst (El Paso, TX)
Age: 38 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 4/20
Statement of Opinion:
- I'm interested in how this could benefit those looking to sell and repurchase homes.
- A comprehensive study is an excellent starting point for federal initiatives.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Air Force cyber operations specialist (Omaha, NE)
Age: 29 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 2.0 years
Commonness: 13/20
Statement of Opinion:
- A study on barriers is definitely useful, but actual policy changes are needed afterwards for real impact.
- Wider access to financial education could make a big difference.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Cost Estimates
Year 1: $5000000 (Low: $3000000, High: $7000000)
Year 2: $3000000 (Low: $2000000, High: $4000000)
Year 3: $3000000 (Low: $2000000, High: $4000000)
Year 5: $2000000 (Low: $1000000, High: $3000000)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The study aims to provide comprehensive insights into barriers faced by servicemembers, which could inform future legislative actions.
- Funding would require CBO monitoring to ensure accountability and efficiency in the research process.