If we can glean anything from Zohran Mamdani’s mayoral win in New York City, it’s that the biggest issue for virtually everyone is affordability. Most Millennials and Gen Zers can’t afford to buy homes — they are too expensive, especially when taking into account interest rates. The average age of homebuyers in America is at a record 40. Living wages aren’t keeping up with rising prices.
President Donald Trump and the GOP have wisely begun to refocus on affordability. However, one of the suggestions on the table — a 50-year mortgage — is no solution at all. This boondoggle would basically ensure that younger people never actually own their home or build up meaningful equity. It is the antithesis of the American Dream.
Currently, when people pull out a mortgage on a home, they have to decide between a 15- or 30-year term. The bank is counting on the buyer staying in that house long term and being able to pay off the hundreds of thousands of dollars in interest. A 50-year loan basically guarantees that a buyer never builds much equity. As the editors of National Review explain:
To illustrate, a standard 30-year mortgage of $350,000 at a 6 percent interest rate currently requires a monthly payment of about $2,100. Over the course of the loan, the borrower is expected to pay $405,000 in total interest. Now, consider the same loan but with a 50-year term. The borrower would face a slightly lower monthly payment of $1,840, or $260 less than under the 30-year loan. Meanwhile, the total cost of interest over the course of the mortgage would balloon to $755,450 — almost twice what one would pay with a standard mortgage.
Meanwhile, according to the Federal Reserve Bank of St. Louis, the median home price is $410,800.
The 50-year-mortgage idea is giving off “you’ll own nothing and be happy” vibes because you won’t, in fact, own your house; the bank will. You’ll just be renting it indefinitely without the benefit of building much equity.
How is
“here, enjoy this 50 year mortgage”
different from
“you will own nothing and you will like it”
— Thomas Massie (@RepThomasMassie) November 9, 2025
One can comprehend why the Trump administration is suggesting it. The president understands that there is an affordability crisis. Low supply is driving up house prices, college grads have to contend with high debt from student loans, and wages just aren’t sufficient. However, adding yet another regressive burden to young people’s already overloaded debt is not sustainable. Frankly, it’s very out of touch.
What would actually fix the affordability issue? Several things.
First, teach our younger generations financial literacy. If they can avoid taking on so much debt at such a young age, they will have more money to put toward bigger purchases. Sadly, it’s kind of too late for Millennials, but prioritizing paying down their existing debt should be the goal.
Second, open up the housing market by deregulating construction and zoning. This is more of a local and state issue, but the federal government can incentivize states to deregulate by conditioning those changes before granting federal money. This would heavily rely on Congress doing its job. As The Federalist’s Beth Brelje observes:
After the longest ever government shutdown, it would be great if members of Congress, many of whom own several homes, would do something consequential to turn the tide for the many Americans whose lives are stunted by huge debts they don’t want and wage increases they don’t get. If Congress accomplishes just one thing — if it accomplishes anything at all — let it be solving the puzzle of the debt-to-income ratio.
Third, stop selling American land to foreign countries like China.
Fourth and finally, deport illegal aliens who are living in affordable housing meant for American families. Trump has already made great strides in addressing this.
The president has been making huge strides with immigration and foreign policy, so one can understand why his focus has been there. Moreover, when it comes to the affordability crisis, he’s got a lot more hoops to jump through. Even so, a 50-year mortgage isn’t a solution. It’s a Band-Aid at best.
Seriously addressing this issue will help every American. It’ll encourage young people to more quickly hit all the expected adult milestones, like having families and building communities. It might even help our nation be less divided.
Millennials and Gen Zers yearn for the opportunity to build wealth and leave a legacy behind for their kids. But that dream feels like it’s slipping through their fingers with each passing year. Unless the affordability crisis is addressed with actual solutions, it’s going to hurt the GOP politically, just as it’s already hurting young adults all across the nation.
