It’s concerning how much the age has increased on first time home buyers age.
That is the big concern. Its 40 for the average first time home buyer.
Taking that fact and adding a potential 50 year mortgage dang sure doesn't make any sense to me at all. How many folks live to 90 yoa much less want to still be paying a mortgage then?
Personally, if you don't buy a first home until 40, then that mortgage shouldn't be longer than 15 years. Sure you may end up with less of a house than you would like, but kids can double up in bedrooms and they, in theory, shouldn't be living at home forever, so a smaller home by the time it is paid off and almost empty nesters shouldn't be such a bad idea.
Currently the idea of home ownership seems like an unlikely prospect for most of this younger generation. Unless they can live at home and have minimal bills and save most of their money for a down payment, I don't know how they can do it with the average cost of rent anywhere that most would find acceptable for their kids to live.
