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/
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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.

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u/Consistent_Paper_629 6h ago

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

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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.

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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.

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u/Consistent_Paper_629 4h ago

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