Currently there is support or incentive to save for the initial payment towards a home purchase.
Buying a home is big step for anyone, and even bigger challenge is to be able to save for the 20% down. There are certain incentives and tax deductions for interest payments on housing loan, but there is nothing that helps one prepare to buy a home.
We should have a legistaltion to create new type of account Home Buying account, a certain percentage of the contribution to this fund (suggest 50% of the contribution) should be reduced from taxable income, and other treatment of the account should be similar to IRA accounts..
There must be restrictions set-up that the amount cannot be used for any other purspose.