Replies (28)
Experts hate this one trick to stack debt on your children.
If this doesn't sound like generational slavery, then I don't know what it is. π€¦
the 30-yr mortgage is already a product that is toxic to own for anyone outside of two publicly owned companies (for how low the interest rate is, and the large loan amounts...it can bankrupt any holder of these assets with just a few bps increase in defaults. And that exposure is over 30 years!). The 50-yr mortgage will obviously be unsalable privately, and thus dooms us to persist the nationalized fictionalization experiment of our crumbling homes for a few more generations.
oops...nationalized financialization experiment*
People are putting their burritos on payment plans π all the average person cares about is being able to make the payment. It ainβt right, but thatβs how it is.
50-yr mortgages completely ignore the problem; embarrassing proposal but not surprised
You'll own nothing and be happy
I entered the housing market in 2009 through a short sale. I never would have been able to afford that neighborhood otherwise. I got lucky, and it completely changed the course of my familyβs life. Itβs sad that for many today, the choices seem to be between taking on 50 year mortgages and a lifetime of debt servitude, or waiting for a housing market collapse just to have a chance.
The government won't fix it. Individuals need to. The government probably will offer 75 year mortgages in 5 years. Or some other snake oil fix.
If you are going to be a landlord, be a better landlord. Base your business in bitcoin so you can afford to keep rent affordable for your tenants.
Don't build shitty cages for them to live in. It is 2025. We shouldn't be losing to contractors that also were dealing with the black plague.
I can hear it now: βI just qualified for a 200 month car loan. Woot, woot!β
Or⦠just buy with Bitcoin and own it instantly. #BitcoinFreedom
Boomers are dying. There will be plenty of cheap housing
If life expectancy and health in the country continues to drop, most people may not live long enough to own their house π π‘
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Same story with higher education... Artificial scarcity leads to higher prices, which leads to government-subsidized loans, which leads to higher prices, because the seller can now charge more...
In the case of housing, the "artificial scarcity" part is largely what the #YIMBYΒ movement is trying to address. Zoning reform and similar things can go a long way towards that.
Theyβre not out of touch. Theyβre out of options.
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Then weβll death tax the crap out of your estate so your children can slave the same way the rest of their lives!
You'll never own. The bankers will own you
Shows how median income declined, fiat is like smokes and mirrors to cover this up.
Itβs especially fucked when you consider the average age of a homebuyer in the US is in their late 40s. The etymology of mortgage aka βmort gaigeβ meaning "dead pledgeβ living up to its name.
The system is broken beyond repair. The 50 year mortgage is proof
LOL. Fkn Boomers
Homes should be built for families, not for banks to harvest generations.
fiat is a cancer
Awry.
This will actually make housing more unaffordable because lower payments will raise prices in desirable markets.
i need one of these to sport around town homie !
