A 50 year mortgage..

[AKIron]

Until rates go down more will be renting. Stalin and his successors believed they owed everyone a place to live and they came through. Often as not two or more families living in one apartment. Everyone had a job. It was a crime not to. Most of those wanting everything to be made affordable by the government really don't want what the Soviets had.

[CptTrips]

Until rates go down more will be renting. Stalin and his successors believed they owed everyone a place to live and they came through. Often as not two or more families living in one apartment. Everyone had a job. It was a crime not not. Most of those wanting everything to be made affordable by the government really don't want what the Soviets had.

No.  On the other-hand, I don't want to live in a Gilded-Age of Crony-Capitalism where the Oligarch Robber-Barons bribe their way into having all the laws tailored for their exclusive benefit.

You know why Texas doesn't have income tax?  Because for most rich people, their differential in property with the average citizen is much less that the differential in income, so the rich prefer everything to be piled into property tax to avoid their income from being touched.

Of course the exception to that is the mega ranches, but they get Ag exceptions so they pay less tax per acre than I do on my 15 ac.

[DmonSlyr]

It's helped in the past ...if an economy can't handle 5% rate it's not a healthy nor legitimate market, just manipulated..

Wasn't allowed to help this time as the greedy money men pushed to have rates lowered prematurely...your orange man screaming the loudest..

It doesn't help with inflation but just locks it in...

1st time home buyers are screwed to the max..

Enjoy the time it now takes your salary to catch up..as sadly many if not most won't..

Eagler

You've become and orange man bad, guy now? Really...

5% is okay, but we were over 7% due to an inflated market manipulation scheme that happened in 2021. That was no accident and pure manipulation to force steep interest rate jumps that stalled the economy by end of 2024. Early 2025 most businesses were just hanging in there, but not able to spend and bascislly moved to just save their cash.

I think its fine to have a higher mortgage rate term. Paying a little higher interest early on, sure, but that doesnt mean you cant refinance down the line, or just sell when your house gains value. We made 100k on our house in Portland after 2 years. It may take a little longer for a house to increase in value, but theres a game a to be played. I think giving more people a chance to buy a home is better than just forcing everyone into a rental economy because they cannot afford to invest in a house and pay the monthly payment.

[AKIron]

Not a warning like 1984 but an excellent documentary giving a little insight into the Cold War years.

https://www.rottentomatoes.com/m/chuck_norris_vs_communism

[DmonSlyr]

Let's face it. Yall weren't paying 350 a month in student loan debt. Yall weren't paying $300 a month in Healthcare insurance. Yall weren't paying $300-500 a month for a car. Then you expect them to pay 2,500 a month for a house for first time?

[Shane]

But wait! There's more!!!  Here's a 15 year auto loan to park not-your-car in not-your-driveway.

American market capitalism (and economy to an extent) is based on interest.  This is why the "bubbles" that wreck supposed stability keep recurring - greed over that interest.   

[CptTrips]

We made 100k on our house in Portland after 2 years.

I'm pretty sure you weren't on a 50 yr loan then or that mostly would have been interest portion.

[DmonSlyr]

I'm pretty sure you weren't on a 50 yr load then or that mostly would have been interest portion.

No the value of the house increased 100k in 2 years. We sold at the high, moved to Florida. Bought a way nicer house in a way nicer place for 100k less with 20% instead of FHA loan. Thats how you play the game. Now we pay under 2k a month, and nowww, our state is doing so well that they may eliminate property taxes. Now that would also create a huge real estate boom here.

[AKIron]

Keep the rates artificially high and corporations with cash will be buying most of the real estate. Control the rent rates through the government and.... Do you see where I'm going here?

[CptTrips]

No the value of the house increased 100k in 2 years. We sold at the high, moved to Florida. Bought a way nicer house in a way nicer place for 100k less with 20% instead of FHA loan. Thats how you play the game. Now we pay under 2k a month, and nowww, our state is doing so well that they may eliminate property taxes. Now that would also create a huge real estate boom here.

If you want to take an ARM or 50 year loan then I think that should be legal. 

I'm a big fan of just letting people screw up if they want.  I've screwed up plenty in my life and learned important lessons each time.

Same reason I would legalize (fair) gambling.  Not my cup of tea. When the AF sent me to Lost Wages for a couple of weeks I just ate the buffets.  Gambling just never held an interest for me.  So people get a thrill from it.  Via con Dios, Amigo. 

[AKIron]

Haven't watched "It's a Wonderful Life" in a few years. Might be time again. Bailey Park or Pottersville?

[CptTrips]

Keep the rates artificially high and corporations with cash will be buying most of the real estate. Control the rent rates through the government and.... Do you see where I'm going here?

I'm not big on over regulation, but I do believe in reasonable regulation. 

I'd be OK with regulation that single family housing is zone only for purchase by single families.  That seems reasonable.

[AKIron]

Which is what our HOA does effectively by limiting rentals to 15%. HOAs generally aren't very popular but if most folks didn't want the protection they provide they wouldn't exist.

[CptTrips]

Of course all this might go out of the window faster than you think.

What happens if we have 70% unemployment in 10 years (permanent, not cyclical)?

We only need so many plumbers.  Not every girl is cut out for OnlyFans. 

Hundreds of millions aren't just going to agree to lay down and starve to death.  Expect massive upheaval of our economic systems and our concepts of work and income.

Or buy more ammo.

[AKIron]

Buy more ammo should be on everyone's monthly shopping list.