Average age of a first time homebuyer is now over 40. Even at a reasonable interest rate, most buyers would die before they actually own the house.
this post was submitted on 12 Nov 2025
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As intended
Can't pass it on to your kids when the bank forecloses on it
Were not enough boomers taking them up in reverse mortgages?
Because that's where all my "generational" wealth went. "We can't take it with us Jimmy" though we did, in fact, take it from those who came before.
Late stage capitalism demands that you will own nothing.
I know someone living in the Netherlands (home of Lemmy.world!) that told me they had interest only mortgages that didn't pay toward the principal and that this was common over there. It seems like these new 50 year mortgages in the USA are a step going that same way. Anyone from that area confirm this?
At that point, the bank is buying the house, they're just renting it to you for a very cheap rate, with the stipulation that you're responsible for all of the maintenance and etc. The "purchase" is just you entering into a long-term rental agreement.
Without the benefit of renting. Hell don't forget home insurance.
It an overall bad deal in my mind, but there are some upsides (not enough for me to take it). Assuming you get a fixed rate, you lock in your payment and your "rent"/mortgage will decline over time just from inflation eating away at it. I think most folks would love to have their rent decline by 3% every year. This effectively does that.
Additionally, if you are the homeowner instead of the renter, if the real estate increases in value, when you sell, you pocket the increase. There's nothing like that in renting.
There is still some optionality like maybe you get a windfall from a boomer dying and you can pay the principal. Or in 30 years your currency devalues to the point you can afford the principal.
Anyway it all feels like fool's hope. Situation is fucked.
I'm Dutch, just bought a home, and I've never heard of that.
Edit: I think that is called an "aflossingsvrije" mortage, banks stopped providing those after 2008 for obvious reasons.
Eidt 2: Apparently it still exists, but can no longer be used to finance an entire house. From my research it is often still possible for up to 50% of a house's value. It was also not an option in the way we bought our house.
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The year I turned 40, was the year I moved into my first non-rental property.
I'm living proof that shit is fucked up
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And then their kids keep paying until they die and still haven't paid it off, even though they'll have paid twice the original amount by that point. Whoever came up with this bullshit is probably right now buying their third yacht from the bonus.
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My favorite part of this whole 50 year mortgage thing is the shock that you'd pay like $1.7m for a $400k house over the 50 years while not batting an eye at paying $900k for a $400k house over 30. It's even funnier because houses don't have a set value, can change on a whim and have become a path to wealth instead of the necessity that is shelter.
The quality of the materials and the precision of the build has gone down while the prices rise, and everyone's like "oh this sucks, but the market".
At least cars are considered a valid housing choice these days, which is why car prices are rising.
Honestly, I thought it is actually not allowed in a lot of states to live in your car.
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Like stocks, and art, they're only as valuable as what people will pay for them.
If you want a shelter, you can use sticks and leaves in the forest and build something halfway decent at least. If you want a building to call your home, pay up dickhead.
Meanwhile, people who should be buying are renting, people who should be renting are in airbnbs or living in their cars, and the family dwellings are owned either by some jerkwad who wanted an income property, or a corporation that just felt like owning more land because they could.
I'm so proud of our society. Such progress! Capitalism is great!
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So I did the math. A 30 year fixed and a 50 year fixed have a monthly payment difference of $1.
What the absolute fuck.
Because for the first lot of years you are paying basically 0 principal
I owned my first house for 19 years, which was purchased in the fall of 2006. We sold it for the exact same price as we paid for it, and barely came out ahead. I know it was poor timing, but the idea of leaving a home and using it as part of your retirement income is a lie. The banks are laughing all the way to the bank.
Median home prices peaked at $216,000 in August 2006. The lowest they've been in 2025 is $414,000. You had some absolutely atrocious luck. You buy in Detroit or something?
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Poor timing? You bought at the absolute peak of something known as The United States Housing Bubble. Your experience is not typical. You're one of the unlucky people who had the absolute worst timing possible.
The idea of using a home as part of your retirement should be a lie, but unfortunately for the vast majority of people it isn't. The world would be much better off if people only got what they paid back when they sold their houses. But, the reality is that most people have been absurdly lucky and their homes have been going up faster than all but the best stocks on the stock market. You just happened to be someone who jumped on the ride at exactly the wrong time.
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What?
Some random numbers that are of course VERY variable, but I just ran the calcs with 400k, 5% down, 6% APR for 30 and 50 years
$2648 for 30 years $2369 for 50
Now that is of course not a great deal, presumably you'd also get a little better rate for the longer loan (more points) but it's not a dollar.
Edit: wait you'll get a better rate for the shorter term loan, so this will probably further close the gap. Still not to $1 surely
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A 50 year mortgage will be a lot like renting. Because the bank will own your shit until you die.
That's what we get for saying "why can't I get a mortgage when I pay more in rent just bc my credit is bad", the banks figured out how to rent properties to you.
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Headline: Save 200 dollars a month with a 50 year mortgage over a 30 year!
Subtext: ... and end up paying double the interest to us for the benefit, and die before your loan is paid off so we get to take the house back from your corpse, sell it on the cheap to a corporate real-estate investment firm (that we have stock in) for just enough to cover the remaining mortgage balance. They'll turn your multi-generational family home into a shitty rental property or leave it empty to keep the rest of their rents high and your children get nothing cuz fuck em!
Bank workers are, at best, getting a small bonus when you sign that mortgage. Your fellow worker isn't the enemy.
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I can't believe this is real.
Home ownership out of reach? No problem, just never own a home. Bing bang boom.
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A 350k house assuming the national average on taxes and interest rates comes out to just shy of 1 million dollars. Over 650k in interest. The payment is $1700 which to put it in perspective my home was 260k at 2.8% interest and my payment is $1830 on a 30 year mortgage.
I mean honestly good luck finding a 350,000 home. Even the homes that are 40 years old in my area are selling for 4 to 500,000. The new home build s are averaging 400 to $450,000 to start. So getting a home at $260,000 that you got would be a dream.
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I would rather eat my own children than sell them out to the future the banks have in mind.
These people have abandoned humanity.
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Is this an actual thing in the us? We don’t have 50 year mortgages in Denmark but I can get a 30 year fixed interest at 3.5%
trump just announced 50 year mortgages
this is so awesome I can't wait to be in debt my entire life
Don't forget about paying back triple what you borrowed!
and your kids will be in debt.
If mortgages were capped to 20 years, the prices of houses would plummet.
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Well, the USA has 96 month automobile loans and this kind of shit does not surprise me. None of the asswipes in DC are discussing the piss poor income distribution in the USA which leads to affordability and a decent middle class life. In 1789, the French were 100% correct.
Anybody who believes a 50 year mortgage is a good idea, does not understand discount rates....
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A mortgage that lasts longer than your career is how you build generational debt.
In Australia the Average mortgage loan term is over 30 years but the average duration before its paid out or refinanced is only 8 years. Id be more worried about the terms and conditions surrounding early payout and refinancing than the theoretical maximum term of the loan on paper because if they want to be truly predatory thats where it will be hiding.
I’m gonna be dead in 20 years, so I’m so sorry to have to turn this down lol
They're considering offering a 50-year mortgage product to a market where the average first time buyer age is 40. Like no joke they're aiming to lock people into a mortgage that would cost more per month than renting the same property until they're 90.
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Also, if the dealership is offering you 29% on a 7 year loan, please walk away. Stop giving in to that shit. It's better for you, and it's better for the rest of us.
At this point I'm just buying an RV.
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