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Could a 50-year mortgage make homes affordable?
As people look ahead to 2026, many are hoping it’s the year they can finally afford to buy a home. One idea that’s gaining traction is a 50-year mortgage, pitched as a way to lower monthly payments. FOX 13's Blake DeVine reports.
TAMPA, Fla. - As people look ahead to 2026, many are hoping it’s the year they can finally afford to buy a home. One idea that’s gaining traction is a 50-year mortgage, pitched as a way to lower monthly payments.
The backstory:
With home prices and interest rates still high, many buyers say affordability is putting homeownership out of reach. Housing experts say the pressure is being felt most by first-time buyers.
Tatiana Zagorovski is a real estate agent who works closely with buyers navigating these challenges.
"Life is getting harder, the price of housing is going up, and a lot of people cannot afford payments for their house," Zagorovski said.
Supporters of a proposed 50-year mortgage — an idea floated by the Trump administration this fall — say stretching the loan term could help reduce monthly payments for first-time buyers.
The other side:
Yet, critics warn the longer loan comes with significant long-term costs.
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Zagorovski says buyers could end up paying far more over the life of the loan.
"If you have the same term over 50 years, you will pay additional $350,000," Zagorovski said. "That is the price of another house."
By the numbers:
The affordability squeeze is also altering when Americans can purchase their first home. For the first time in history, the median age of a first-time buyer is now 40 years old, according to the National Association of Realtors.
Derek Carlson is the CEO of Realty ONE Group MVP in Florida, which operates 10 real estate offices across the Sunshine State. He says wages have not kept pace with the rapid rise in home values.
"Affordability in this country has been out of control for many years," Carlson said. "The incomes are not matching the appreciation for these homes that have been going up substantially."
Carlson also raised concerns about the long-term financial impact of extending mortgages to 50 years. He says the reduced monthly payments could come at a steep cost over time.
What they're saying:
"You’re seeing the reduced monthly payment," Carlson said. "On the back end, you’re looking at hundreds of thousands of dollars of additional interest. That’s going to be paid to the bank."
Even if the idea gains momentum, real estate experts say it won’t be implemented immediately. Any change would require action at the federal level before becoming a reality.
"For this to even happen, Congress is going to have to vote and extend it from 30 years to 50 years," Carlson said. "That way, those mortgages are backed by insurance."
The Source: Information for this story came from interviews with real estate agents, real estate brokers and data from the National Association of Realtors.