It doesn't sound like a bad deal to me either, superficially. But what happens if you lose your income and can't make your $157.04 payment anymore? To me it would be better for people to own property without debt at all, but that would require an economy where people have the means to save up to buy it. Then, of course, where do you live while you are saving up to buy? Ideally, people's parents should provide them with a starter-home when they leave the house; which is what some people used to do.
But what do you do for people whose parents don't provide them with anything when they are old enough to go out on their own? You can say it's unfair for them to have to work for others to afford a place to live, but if the government provided people with a starter home, what incentive would parents have to save and invest in their children's future? What's more social-economic cultural differences have evolved such that some people expect things like jobs and income at levels that exceed basic necessity. So if you were working to build a starter-house for your kid and someone else was just working a job and paying rent and then expected you to pay taxes to fund their income, e.g. so that they could buy a house you built, you might wonder why you should work to build/fix their house for them and their kids instead of them doing it themselves as you do.