Affordability Is the Real Issue—No Matter Who You Voted For

by Christine DeHart

The recent election has made one thing abundantly clear: affordability is the number-one concern for Americans across the board. Regardless of which candidate you supported, everyone can agree on one thing—buying a home has become harder than ever.

In fact, the average age of a first-time homebuyer is now 40 years old, the oldest we’ve ever seen. That milestone speaks volumes about the challenges facing younger generations who dream of homeownership but find themselves priced out, discouraged, or stuck waiting for the “right time.”

So the question becomes: How do we fix this?
Let’s break down the potential solutions being discussed—along with their pros and cons.

1. Lower Home Prices? Not Likely—And Not Really the Answer

Some people suggest that to restore affordability, prices simply need to fall. But here’s the reality:

Home values rarely decrease in any meaningful or long-term way.
Demand still outpaces supply, especially in metro areas and desirable neighborhoods.
Construction costs remain high, and the inventory shortage isn’t going away overnight.

Even if prices dipped slightly, we wouldn’t see the major drop needed to bring first-time buyers back into the market.

So if not price… then what?

2. Lower Interest Rates: Could This Help?

Interest rates have a massive impact on monthly payments. A shift from 7% to 5%, for example, can make the same house hundreds of dollars cheaper each month.

Pros

Immediate buying power: Lower rates reduce monthly costs and help more buyers qualify.
Boost to market activity: More buyers = more movement, which benefits both sides.
Stability: Historically, moderate interest rates stimulate healthy real estate cycles.

Cons

Lower rates increase demand: More buyers jump in, often pushing prices even higher.
Not all buyers benefit equally: Without more inventory, those with lower incomes still struggle.
Long-term inflation risk: Artificially low rates can create bubbles.

So while reducing rates helps—especially psychologically—it’s not a total solution in isolation.

3. Extending to a 50-Year Mortgage: Could This Be the Future?

This idea has gained traction recently. Some countries already offer terms longer than 30 years. A 50-year mortgage spreads payments over a much longer period, lowering the monthly cost.

Pros

Lower monthly payments: The obvious benefit—homes suddenly become more accessible.
Better affordability for younger buyers: A 25-year-old could pay off their home by age 75—still within a lifetime.
Stabilizes payment shock: Helps buyers adjust in high-rate environments.

Cons

Much higher total interest paid: Spreading the loan out means paying significantly more over time.
Slower equity build-up: Homeowners build wealth more slowly, delaying financial stability.
Risk of becoming “house poor”: Lower payments can lure buyers into purchasing more than they can truly afford long-term.

While a 50-year term may help affordability on paper, it doesn’t change the underlying costs. It simply stretches them out.

**So What Should We Do?**

There is no single magic solution. Affordability will likely come from a combination of:

Increasing housing supply through zoning reform and new construction
Providing down-payment assistance programs for first-time buyers
Offering creative financing options like rate buydowns
Allowing long-term mortgage alternatives for those who need flexibility
Continuing discussions about interest-rate adjustments
Expanding education on homebuying and financial planning

Most importantly, we need policies—and a market—that support working families, not just cash buyers or investors.

What Are Your Thoughts?

As real estate professionals, homeowners, and future buyers, we all play a part in shaping the conversation. Affordability affects every one of us, regardless of political preference.

Do you think lower rates would help?
Would a 50-year mortgage make sense in today’s economy?
What solutions do you believe would make homeownership realistic again?

I’d love to hear your thoughts.

If you’re considering buying, selling, or simply want to explore your options in today’s market, feel free to reach out. I’m here to help guide you through every step.