Blog: A Different View of the 50 Year Mortgage
Housing "affordability" may mean something different depending upon your economic class.
As I mentioned a couple of weeks ago, I grew up working class. And I've found that the view on housing and "affordability" can mean something different depending on your background. That difference can be meaningful when it comes to the idea of a 50 year mortgage.
Affordability
Back in 2007 I attended a talk by Dr. Robert Shiller on the housing market. Dr. Shiller was famously bearish on housing prices in general. While I agreed with most of his points he did make one that I had a problem with. He said that it was irrational for people to buy houses at those prices. Couldn't they see how overpriced they were?
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