Unlocking the housing market in VA-10
There are two housing stories playing out across VA-10 right now. We are seeing two different situations happening to two different generations at the same time.
Imagine this:
A young family in Ashburn or Sterling is trying to buy their first home, but between record-high home prices and a tax code that can take well over 12% of their income before they ever see it on a paycheck, saving for a down payment feels nearly impossible.
Meanwhile, an older couple across town would love to downsize. Their kids are grown and gone, and a smaller place would suit them better now. But they're stuck, because moving means giving up a 4% mortgage rate they won't be able to get again, and selling means a capital gains tax bill on a home that's only "worth more" because of over 20% inflation since 2020.
At a glance, these issues may seem unrelated, but they're actually part of a larger housing shortage problem facing families across VA-10. They're the two ends of the same housing spectrum, and I have three policies I plan to fight for in Congress that work together to fix it.
Policy 1: A 5% Flat Tax Rate That Gives Families More Money to Save For a Home
Loudoun County has the highest median household income of any county in the country, but even here, a family earning $175,000 a year currently pays roughly $21,400 in federal income tax under today's system, an effective rate of about 12%. That's why I want to propose a flat 5% federal tax rate for anyone earning under $200,000. Under that rate, that same family would owe closer to $8,750. That's a difference of roughly $12,600 a year, over $1,000 a month, back in their pockets.
In Loudoun, roughly 57% of households earn under $200,000. Across the rest of VA-10, that number is even higher, about 74% in Fauquier County and 72% in Prince William County. This isn't a niche policy, it's real money back in the hands of a majority of families across this district. Money that can go directly toward a down payment, closing costs, or just breathing room in one of the most expensive housing markets in the country.
(Illustrative example based on 2025 tax brackets and the standard deduction for a married couple. Actual savings vary by income, deductions, and filing status.)
Policy 2: Portable Mortgages to Unlock the Homes Already Here
Nationally, 86% of homeowners with a mortgage have a rate below 6%, many well below 4%. With new mortgage rates sitting around 6.5-7% today, that's created what economists call the "lock-in effect." Essentially, millions of homeowners who'd otherwise sell simply won't because moving means trading their old rate for a much more expensive one.
This is playing out across VA-10 in homes owned by families whose kids have grown up and moved out, and who no longer need the space they once did. Many of these homeowners aren't staying put because they don't want to move. They're staying because moving means accepting a higher mortgage payment and financial punishment.
Portable mortgages would let a homeowner carry their existing rate to a new property when they move. Again, this isn't a fringe idea. It's a real, live federal policy conversation happening at the Federal Housing Finance Agency (FHFA). Bill Pulte, who’s the Director of the FHFA, the federal regulator that oversees Fannie Mae and Freddie Mac, has publicly confirmed the agency is actively evaluating a policy allowing portable mortgages. When elected to Congress, I'll fight to make it happen, because it removes one of the biggest reasons longtime VA-10 homeowners feel stuck in place, no matter which part of the district they call home.
Policy 3: Capital Gains Indexed to Pre-Inflation Prices to Remove the Final Barrier to Selling
Here in Loudoun, the median home price rose from $641,667 in February 2020 to $777,267 in March 2024, a 41.1% increase. But roughly half of that increase, about 20 percentage points, is due to inflation that occurred during that same period. Meaning, it's not real wealth. It's the same house, worth more dollars because the dollar itself is worth less.
Fauquier and Prince William homeowners face the same math, since home values in both counties now sit above $570,000, a substantial share of which reflects the same inflation, not real gains. Right now, a homeowner selling after years in their house can get hit with a capital gains tax bill calculated on that entire increase, inflation included.
That's why in Congress, I will push for policy allowing homeowners to index capital gains to pre-inflation home prices. This means VA-10 families, wherever they live in the district, are only taxed on real gains, not on a number inflated by economic policies they had no control over.
(Actual savings depend on an individual's purchase price, length of ownership, and filing status. The current federal exclusion is $250,000 for individuals and $500,000 for married couples.)
One System, Not Three Separate Ideas
Put these three policies together, and here's what happens: that young family in Ashburn or Sterling keeps more of what they earn and is able to save for a down payment. The older couple across town can now sell the house that's too big for them, without losing their mortgage rate and without a surprise tax bill on gains. The home they sell then becomes the perfect launchpad for that young family to build their lives here in VA-10.
These are not three disconnected policies sitting on a platform. Together, they give mobility back to a housing market that's been frozen in place for years, allowing families to move when they're ready, not just when they can afford the penalty for doing so. They create an effective housing ladder, working for the family climbing onto the first rung and the family stepping down to the next chapter of their life in every corner of VA-10.
This is what restoring faith in the American Dream looks like: a specific plan to clear the path for VA-10 families, at every stage of life, to have the opportunity and the freedom to build the future they're working toward.
Sources: Loudoun County median household income and income distribution, U.S. Census Bureau/USAFacts (2024); Fauquier and Prince William County high-income household share, DataUSA and Loudoun County Regional Income Data (ACS); Loudoun, Fauquier, and Prince William median home values, Redfin and Data USA (2024); national mortgage rate lock-in data, Redfin (2024-2026); portable mortgage federal policy status, Bipartisan Policy Center and Empower (2026); 2025 federal tax brackets, Tax Foundation and Fidelity.