President Donald Trump proposed a 50-year mortgage to solve the nation’s housing crisis. New Mexico real estate professionals say adding 20 more years to a home loan may make it possible for some to own a house who wouldn’t be able to otherwise. But at what cost?
Housing is unaffordable — the median price for a single-family detached home in Albuquerque hit a record high of $379,545 in August, which only 13.5% of New Mexico renters can afford. Nationwide, the median age of a first-time homebuyer is 40, another all-time high.
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