President Trump and Bill Pulte, director of the Federal Housing Finance Agency, recently floated the idea of offering people a 50-year mortgage instead of the more conventional 30-year financing option. It sounds attractive at first because stretching out repaying of a mortgage would lower the borrower’s monthly payment, but this wouldn’t fix the homeownership affordability crisis.

It’s no exaggeration to name the current situation as a crisis. According to the Federal Reserve Bank of Atlanta, the percentage of a household’s income needed to afford just a median price home is near a record high today, and affordability is near a record low. An entire generation of young Americans has largely given up on the dream of homeownership.

The profligate spending of the Biden administration and t

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