The White House Recently Proposed Mortgages That Outlive You. Why the 50-Year Is A Bad Idea
Spoiler: Your kids might inherit your debt instead of your home
Median home prices in the U.S. are now sitting at $415,200. Additionally, the average first-time buyer is now 40 years old. Clearly the housing affordability crisis has reached a breaking point. The White House has proposed 50-year mortgages to reduce monthly payments. The reality is grim. A 50-year mortgage on a $400,000 home saves just $216 monthly. However, it costs nearly $389,000 more in interest and takes 30 years to build $100,000 in equity versus 12-13 years with a conventional mortgage.
The proposal faces legal obstacles under the Dodd-Frank Act and would leave 40-year-old buyers with debt until age 90. Experts say this benefits lenders while ignoring the 4-million home shortage. Boynton Beach is taking a smarter approach with workforce affordable housing projects that directly address supply shortages. Rather than saddle residents with decades of additional debt, the city is creating pathways to homeownership that build equity faster and strengthen our community.
Boynton Beach Tackles Housing Crisis with Local Solutions
The Boynton Beach Community Redevelopment Agency is pushing forward two major affordability-focused projects. The Pierce, at 115 N. Federal Highway, will bring 300 mixed-income apartments and 17,000 sq. ft. of commercial space. Half of the units will be affordable to residents earning 80–120% of AMI for 15 years. It’s now awaiting permits.
Town Square, at 120 SE 1st Ave, has already added a new City Hall, library, fire station, and cultural center. Next up is a 898 market-rate apartment complex and 4,000 sq. ft. of retail space with 50% rent discounts for 10 years. Backed by $35.2 million in TIRF funding, construction begins no later than October 2026 - bringing much-needed housing to Boynton Beach.
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🎉This Week’s Featured Events
The Second Annual Scandinavian Christmas Market will be held on Friday, November 21, from 12:00 pm-8:00 pm, and Sat/Sun November 22-23 from 12:00 pm-6:00 pm. The Market will be located at 1800 South Drive, Lake Worth Beach, at the Finnish American Village. There will be over 30 European artisans and vendors, plus food and activities. There will be a Bounce House for the kids and the Finnish cafe will offer delicious treats you can’t resist. Admission is FREE.
The 39th Annual Delray Beach Turkey Trot will be held Sat, November 22nd, at Anchor Park, 340 S Ocean Blvd, in Delray Beach. This popular 5K run has delighted local runners for over three decades on one of most scenic routes available along the Atlantic Ocean. It’s not too late to register in one of 16 categories and run your heart out. Top three prizes in each category are available. Click here for more info: victorysportsmgmt.com
The Spirit Fest Metaphysical & Crystal Expo is back in West Palm at the South Florida Fairgrounds located at 9067 Southern Blvd. Hours are Sat, November 22nd from 10:00 am to 6:00 pm, and Sun, November 23rd from 10:00 am- 5:30 pm. There will be over 90 booths of holistic healing, crystals, and mind/body/spirit focused vendors. Parking is FREE. Tickets can be purchased at eventbrite.com or at the door. Kids 12 and under are FREE.
Catch up on past newsletters and explore our latest Boynton stories here.
🤔 Did You Know?
Boynton and Boynton Beach remained separate municipalities until 1938, when Boynton Beach, on the ocean ridge, changed its name to Ocean Ridge. Three years later, by a vote of 155 to 3, the town of Boynton became the city of Boynton Beach.
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