West Virginia House Bill 4947, introduced on January 19, 2024, aims to support first-time home buyers in the state by establishing a dedicated savings account program. The bill defines a "first-time home buyer" as a resident who has not owned a single-family residence in the past three years and intends to purchase a home in West Virginia.

Key provisions of the bill allow individuals to create a "first-time home buyer savings account" with a financial institution, which can be used to cover eligible costs associated with buying a single-family residence. The bill also permits joint ownership of these accounts for couples filing a joint income tax return, further encouraging home ownership among new buyers.

The legislation addresses the growing challenges faced by first-time home buyers in West Virginia, particularly in a housing market that has seen rising prices and limited inventory. By providing a structured savings mechanism, the bill seeks to make home ownership more accessible and affordable for residents.

Debate surrounding the bill has focused on its potential economic impact, with proponents arguing that it could stimulate the housing market and support local economies. Critics, however, have raised concerns about the effectiveness of such savings accounts in addressing the broader issues of housing affordability and availability in the state.

If passed, House Bill 4947 could have significant social implications, potentially increasing home ownership rates among younger residents and contributing to community stability. The bill is currently under review, with discussions expected to continue in the coming weeks as lawmakers consider its provisions and potential amendments.