Home prices are getting so high, it's becoming harder for people to afford buying their first homes. So the state of Oregon is stepping in with its First-Time Home Buyer Savings Account, effective at the beginning of this year.
Participants can have money taken out of their paychecks--up to $5,000 a year for individuals and $10,000 for couples--to save for down payments and other housing costs. And it's not strictly limited just to first-timers. Rich Hoover from the Oregon Department of Revenue explains how it works.