Build More Homes

Victor Joecks
Mon, 17 Nov 2025 23:00:00 -0800
Opinion

Young adults need lower housing prices, not longer mortgages.

The median age of first-time home buyers is now 40, according to a recent report from the National Association of Realtors. Among all buyers, the median age was 59. Home buyers are more likely to be near or at retirement age than young, married parents.

It wasn't always like this. In 1991, the median age of first-time home buyers was 28. It has generally been around 30 for decades.
Updated: Tue Nov 18, 2025

Young adults need lower housing prices, not longer mortgages.

The median age of first-time home buyers is now 40, according to a recent report from the National Association of Realtors. Among all buyers, the median age was 59. Home buyers are more likely to be near or at retirement age than young, married parents.

It wasn't always like this. In 1991, the median age of first-time home buyers was 28. It has generally been around 30 for decades.

In 2017, the median age of first-time home buyers was 32. In 2025, those same buyers are now 40 — the current median age for first-time home buyers. It's the same cohort of people.

This is a major problem. Owning a home — or at least the realistic possibility of doing so — has long been an essential part of the American Dream. Homeownership settles people in communities. It encourages married couples to have more children. It builds family wealth. It promotes long-term thinking. When you own a home somewhere, you care more deeply about what happens in your neighborhood.

People aren't merely units of economic activity that only interact with others when our mutual financial interests align. We're human beings who long for healthy relationships, starting with our families and extending to those around us. Homeownership helps cultivate these relationships.

As that path becomes increasingly inaccessible, it's little wonder many young people feel unmoored and isolated. They've replaced real community with ChatGPT. Skyrocketing home prices are far from the only factor here, but it is one of them.

Both sides of the political aisle know this is a problem. New York City mayor-elect Zohran Mamdani believes the solution is rent control. It's not, and there are decades of evidence to prove it.

Now, President Donald Trump is rolling out his own proposals, including a 50-year mortgage.

"A 50 Year Mortgage is simply a potential weapon in a wide arsenal of solutions that we are developing right now," U.S. Director of Federal Housing Bill Pulte wrote on X.

Fannie Mae has also scrapped its requirement that potential borrowers have at least a 620 credit score.

Moves like this will be touted as ways to increase access to homeownership. In one sense, that's true. But giving cash-strapped buyers greater access to overpriced homes doesn't end well. The 50-year mortgage also removes any realistic expectation of eventual homeownership. The people who are financially savvy enough to correctly use a 50-year mortgage don't need one. For other Americans, it will resemble an indefinite lease with massive downside risk if the housing market drops.

Two things need to happen. The first is that the Trump administration must continue to deport illegal immigrants as quickly as possible. Reducing demand lowers prices.

Second, America needs to build more houses — a lot more. In 2024, approximately 1.4 million homes were started nationally. Shortly before his assassination, Charlie Kirk called for building "10 million homes for Americans." That would also lower prices.

While the federal government can't change local zoning laws, it can help encourage home building. An obvious place to start would be releasing millions of acres of federal land that are already close to existing metro areas. Think the barren desert outside Las Vegas, not land inside a national park.

Trump's tariffs have increased prices on building materials. At least on those supplies where U.S. production can't be spun up quickly, reducing tariffs would help lower costs. The federal government could offer construction companies tax incentives for completing starter homes.

Now, there is a downside here for some. Homeowners with properties worth $500,000 will likely be upset if their homes' value drops to $300,000. That's a real trade-off, but it's worth it.

Making America great again requires homes that young adults can afford.