30 is diabolical already
indeed, see also the 40 hour workweek
this is cursed as fuck
Home ownership in the US becoming further and further from possibility as is the apparent goal, amongst others.
If you ‘get’ a home at twenty years of age, you get the pleasure of paying for your home til you reach 70 years of age.
and then you have to sell it to finance your medical debt or retirement home, so your kids aint getting it. they’ll have to pay their own 70 year mortgage (it’ll be 70 by then).
Capitalism breeding innovation
I’m in my 40s and took the “stay with family” questline. I will be paying on the family home until I’m 60 because the parents refinanced it, even on a 30-year term.
It’s still dramatically cheaper than other alternatives, so odds are thry’ll be burying me here. Or I flog it to a speculator and move to some low-COL place like Ho Chi Minh City.
Wait until they innovate multigenerational mortgages!
I mean, 50 years is bordering on multigenerational already
120 year mortgage that your children have to co-sign. Solves the housing crisis and also raises birth rates
Oh fuck is there precedence for this or did you make it up? I hope to God the latter
Don’t worry, the British were rumoured to be working on that a couple of years ago. Something about a mortgage that could be inherited.
“hey kids I heard you like paying ludicrous amounts of interest so we’re allowing you to pay more of that!” We’re so fucked
“Consumers have expressed a clear preference for assuming debt instead of buying outright”
This is such a trap. Even assuming the same interest rate you’d get for a 30 year, you’d end up paying ~double the interest in exchange for a monthly payment that’s maybe a few hundred dollars less.
On a $500,000 house with 20% down (very unlikely for anyone taking this “deal”) and identical 6% interest, you’d have a monthly payment of about $2,400 on the 30 year and about $2,100 on the 50 year. Over the lifetime of the loan, though, you’d pay about $450,000 in interest on the 30 year but over $850,000 in interest on the 50. With a lower down payment or less favorable terms–highly likely for someone going for a 50 year loan–you’d end up paying over a million dollars in interest on a $500,000 home.
Even worse if you consider how 30 year rates are higher than 15s across the board regardless of credit score
Don’t suppose it’s too late to co-opt chud fearmongering over the WEF?
Literally “you will own nothing and be happy”, but redpilled.
“you will own nothing
and be happy”Fixed for Gilded Age II
Remember that a significant number of (cw: carnism) burgerbrains didn’t go for 1/3 pound burgers over quarter pounders because 3 is smaller than 4. The same population will saddle their kids with mortgage payments on old-ass houses because 50 is bigger than 30.
Compromise: 50 year mortgages with complete loan forgiveness after 10 years of payments
This will effectively cut the cost of housing to 1/5th and the length of a mortgage to a reasonable 10 years.
Sorry, any compromise whatsoever with the gnashing maw of capitalism as it grinds our people to living death is actually radical communist extremism
every ten years somebody kills a bank CEO and we get a round of debt jubilee
Guns are still very affordable in the US
Extremely cucked populace.
nope, guns are becoming more expensive every year, even mosins are becoming way too overpriced
Yeah but I can pay them off in 4 easy payments along with my footlong sub. Capitalism 😬
Klarnashnikov
This goes well with 96 month car loans
techno feudalism requires techno serfs and this is an important step in the process
yes please financialize me daddy
This guy builds some of the shittiest houses ever. Crammed together boxes of tinder where there used to be woods.
You’re basically just renting your home from the bank at that point. But you are on the hook for all the repairs yourself. The average lifetime of an American house is barely more than 50 years so you left with nothing.
