The first-time American homebuyer is older than ever. According to the National Association of Realtors, the average is now 40 years old.

Some in the Trump administration hope a 50-year-mortgage option could help lower that age as the barriers for home ownership rise - especially in New Jersey.

“A young couple has to earn at least a couple hundred thousand dollars a year to get into the housing market today,” said Mark Yecies, vice president of Mortgage Lending.

Yecies says high interest rates, a housing shortage and incessant demand keep New Jersey’s prices above-market.

“Especially in North Jersey, where I do most of my business," Yeceis said. "There’s inventory constraints.”

Zillow lists the average price for a home in New Jersey just over $560,000.

Using a standard 6.5% interest rate and a 10% down payment, Yecies says a 30-year mortgage for the average New Jersey home is about $3,750 per month for principal and interest.

Using those same figures, a 50-year mortgage is about $350 cheaper monthly.

Those savings drop as the interest rates rise, which is likely with a longer-term loan. Unlike renting, a 50-year mortgage would build equity, but much slower than a 15- or 30-year mortgage.

Taking all 50 years to pay off that loan would also result in an exorbitant interest payment.

“The difference in the payments over the life of the loan would be about $700,000,” Yecies said.