A
ccording to BadCredit.org, 54 % of Millennials would consider a 50‑year mortgage, compared with only 29 % of Boomers. The disparity is understandable, as roughly 80 % of Boomers already own homes, per the National Mortgage Professional. Proponents of the longer‑term loan argue that it does not lock buyers into a 50‑year commitment. Most first‑time buyers take a 30‑year mortgage and later refinance to a 15‑year term. Critics claim the reduced monthly payment—typically $125 to $250—only offers a modest benefit, but Sain Rhodes of Clever Offers notes that the savings can be the difference between qualifying for a loan and remaining in the rental market.

    Lower demand for rentals, driven by more home purchases, can ease rent pressure and improve affordability for renters. Landlord‑professor Arie Brish of St. Edwards University says landlords may need to provide more flexibility when demand falls. Opponents worry that extended terms keep homeowners in debt longer, yet most homeowners sell or refinance within seven to ten years, and rising home values generate more equity than principal repayment, Rhodes points out.

    A concern is that lower payments could inflate prices in already hot markets. In contrast, in lower‑demand areas such as Cleveland—where Zillow lists an average price of $111,728—50‑year mortgages could widen the affordability gap between cities. Adam Hamilton of REI Hub suggests that residents moving from affordable to expensive markets could further depress prices in the former, potentially attracting new buyers back.