A Marxist take on home ownership

If I felt like being more Marxist about it, I'd say that the existence of mortgages was a capitalist ploy to destroy class consciousness by permitting the proletariat identify as petty bourgeoisie by permitting them access to the trappings of capital ownership, while actually entrapping them with debt. 

After all, once you've taken on a mortgage (and put that 20% down), it's not until the 153rd payment that you are actually paying more principle than interest. And since your equity in the home is proportional the  sum of the principle you've paid, the amount of equity built early on the loan is nominal. Add that you will lose 2-4% of any equity you've built when you sell, that wipes out any gains if you move within the first 6-7 years.

Extending the length of the loan (splitting principle accrued over more payments) means less equity will be accrued per payment. Meaning more total interest paid.

To pay off a 50-year mortgage by the time you retire at age 67, you'd have to buy a house at age 17. Ergo, such mortgages are never intended to be paid off--they are just a form of lease.