By Daniel Keenan
A family that frequently comes to mind is the one who purchased the second house I ever built. Though not affluent in terms of finances, they were truly wealthy in their family life. The father was in the military, the mother worked as a nurse, and they had three young children. On the day I handed over the keys to their new house, transforming it into their home, I felt a mix of pride and humility.
While many politicians discuss the “American Dream” of owning a home, I’ve been fortunate to have a hands-on role in helping Arizonans achieve that very dream.
However, this also places me at the forefront of the home affordability crisis in the United States, which is making this dream increasingly inaccessible for young families. The National Association of Realtors reports that the average age of first-time homebuyers has risen from the mid-20s when my parents bought their first home to 38 years old now. Additionally, the average age of all homebuyers has increased to 56, up from 49 as of 2023.
The policies of the Biden administration accelerated this crisis by both increasing the cost of building homes and reducing young families’ ability to afford them. High manufacturing costs due to more regulations and higher taxes, along with record inflation, have kept more families renting instead of owning, as the media declared the American Dream “dead.”
But I believe there’s hope. While it’s still being negotiated and its ultimate passage is uncertain, President Trump’s Big Beautiful Bill (BBB) contains provisions that can reverse this trend and help bring the American Dream back to life for working families.
Twenty-five percent of new home costs are related to federal environmental and permitting regulations. The BBB eliminates many of these regulations, allowing builders like me to construct homes at lower cost without compromising quality.
The BBB will also lower the cost of construction by allowing an immediate tax deduction for the machinery we use in homebuilding. In the past, we had to amortize the cost of a new truck over six years, but if the BBB passes, we can deduct that cost immediately. This also applies to every company that manufactures the durable goods new homes need, like ovens, refrigerators, washers, and dryers. This provision will lower the cost of new homes across the board.
Beyond reducing the cost of construction, the BBB also helps working families afford new homes by putting more money in their pockets. In addition to preserving the tax cuts passed during President Trump’s first administration, this bill increases the child tax credit to $2,500 and adds a $1,000 MAGA Savings Account for each child.
It also expands the usefulness of 529 Education Accounts, allowing them to be used for homeschooling, tutoring, career training, and other educational expenses. And it nearly doubles the amount of pre-tax money that families can put into their Health Savings Accounts.
During the four years of the Biden administration, some of the people who suffered the most were hourly workers who found that their ambition to earn more by taking extra shifts or going above and beyond to earn tips was met with even higher tax rates.
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That changes if the BBB passes. It fulfills the president’s promise to make overtime and tipped wages tax-exempt. This will also be a boon to first responders and police officers who will be able to put their untaxed overtime earnings toward a down payment for their first home.
The BBB further helps the victims of the Biden economic disaster by expanding Opportunity Zones. These zones provide investors with financial incentives to create new jobs in struggling areas, giving more Americans who’ve been left behind the chance to begin climbing the economic ladder.
When I think back to that family of five who moved into one of the first homes I built, I wonder if a family like them could afford a home today, and I am doubtful. That doubt is what led me to decide to run for Congress because we need more people in Washington who will fight for families like theirs and work to make the American Dream their dream once again.
And I’m encouraged by President Trump and the narrow Republican majorities in Congress who are working hard to pass the Big Beautiful Bill, which will do so much to reduce the cost of housing and put more money in the pockets of families so they can afford homes of their own.
Daniel Keenan is a custom home builder in Arizona’s East Valley. He is the founder of DK Builders and is a Republican candidate for Arizona’s 5th Congressional District.
