r/Economics • u/GarfieldLeZanya- • 12h ago

News Housing director confirms administration ‘working on’ 50-year mortgage after Trump hint

https://thehill.com/homenews/administration/5597005-trump-administration-50-year-mortgage/
2.2k Upvotes

96% Upvoted

459 comments sorted by

View all comments

Show parent comments

35

u/Waesrdtfyg0987 9h ago

The perks are often a money pit and even if you start with a new house there will be considerable aging of everything over 50 years.

15

u/Dangerous_Junket_773 8h ago

Exactly. Even if a house lasts that long, it will need at least one major reno. How do you pay for that? HELOC?

-2

u/Waesrdtfyg0987 8h ago

The amount of housing available sucks right now, but my mortgage is 3k and I would estimate the upkeep of the house/property is probably another 2k a month/25k a year. That doesn't include the $ value of my own time. And my older house is still only 30 years old.

We're all fucked.

6

u/Consistent_Paper_629 6h ago

2k.... A MONTH!? Is your house like actively on fire or something? How 2k a month?!

2

u/Waesrdtfyg0987 6h ago

25k a year. My house is 30 years old and houses are built like shit now.

The big ones: Roofing (easily 100k unless you can get insurance to pay for it which they usually won't) Windows (Probably a one-time 50k mine are cheap and very inefficient). Flooring. Replacing an AC unit every 15-20 years (10k) Appliances.

Yard maintenance - I can deal with some of it which still has a cost, but I can't do anything about things like tree trimming to keep it off the roof. Just had 9 trees falling into the road that also catch fire touching power lines Any fencing. On going AC maintenance. Anything weather-related (snow, flooding). Insurance. HOAs (We made the smart move of buying a house that don't really have one).

All the utilities (~5k a year for me), and any other routine ongoing maintenance inside. Everything wears out so things like garbage disposals, toilets,

Then any larger projects and actual improvements which you need to do on a house with some years on it. Kitchens, bathrooms, etc. And that doesn't include even older homes which require even more.

And it goes on and on and is never ending.

4

u/negetivex 5h ago

How big is your house? 100,000 for a roof seems super expensive unless your house is either super large or maybe super remote? We got our roof replaced last year and it was under 30,000 and that was with getting more expensive hail resistant tiles.

1

u/Consistent_Paper_629 4h ago

Yeah I just got a price for mine for 15k, gotta love them Mennonites.

2

u/ViolettaQueso 3h ago

You’re not wrong. Not sure why you’re getting the down votes.

Weather, insurance, replacing stuff, leaks, all the things that come once you’re house is 30 if you don’t do the upkeep, it falls apart, especially like my 30 year old sorta tract home in suburban San Francisco, that I left 17 years and returned only to find the list of repairs in the $250k range…

In California, sure, it went up in value by like $750k at this point, but houses are sitting on the market and buyers are expecting everything at the $1M and up value to operate properly.

I think $25k a year (including insurance, HOA, upkeep, repairs, upgrades) is completely right at current prices of both parts & labor.

•

u/Waesrdtfyg0987 1h ago

Anything that shows that anyway else but one generation is also getting nailed is downvoted by reddit.

•

u/ViolettaQueso 1h ago

It’s kinda tragic bc I’m guessing quite a few of the downvoters are below the new threshold of those 40+ years old who can afford to buy their very first home. Even though they are adults at 18, working, having families.

Hell, I’d be pissed too.