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Reply to "Why does it take 30 years to buy an old house for the typical family?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You mean why are mortgage terms for 30 years? I would say it's because they assume you buy the house from age 30-35, and then it's paid off before you retire.[/quote] Not about mortgage but affordability. If our economic situation is always getting better shouldn’t housing cost go down with improvements in construction and other technology ?[/quote] No. Those improvements have raised costs because homes do more than they used to. Also codes are a lot higher than they were. You can't build the same house now as you could in years past. 30 years is just a number that makes things affordable. Could be 25 or 35. As PP said there will be 40 year products at some point. There have been in the past. Many people use 15 years. [/quote] With higher demand land price goes up too.[/quote]
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