Climbing interest rates have taken some heat out of the homebuying market, but according to our State of the Nation's Housing report, for those already struggling, the pressure of high housing costs is unlikely to relent.
From 2019 to 2020, the share of renter households with cost burdens rose nearly 3 percentage points, increasing the gap in cost burdens between owners and renters to nearly 25 percentage points.
Spending for home improvements and repairs is expected to soften during the first half of next year, according to our latest Leading Indicator of Remodeling Activity (LIRA).
The Center's Managing Director Chris Herbert testified at a congressional Ways & Means Committee hearing, "Nowhere to Live: Profits, Disinvestment, and the American Housing Crisis."
Joint Center for Housing Studies
of Harvard University
The Harvard Joint Center for Housing Studies helps leaders in government, business, and the civic sectors make decisions that effectively address the needs of cities and communities.
In testimony before the Congressional Ways & Means Committee, Dr. Herbert discussed today’s housing market conditions, how we got here, the consequences for the nation’s families and individuals, and what steps are needed to alleviate the country’s worsening housing affordability challenges.
Resident services utilize housing as a platform to advance the physical, emotional, and financial health of residents. Programs address a range of needs including early childhood and K-12 education, health and well-being, workforce development, food security, long-term supportive housing, tax preparation, and eviction prevention and/or financial capability services. The purpose of this research was to address three primary questions: (1) what are the resident services offered by affordable housing nonprofits, (2) how are these resident services funded, and (3) how are these resident services delivered?
After a record-shattering year in 2021, the housing market is at an inflection point. Higher interest rates have taken some heat out of the homebuying market, and the large number of apartments under construction should bring some relief on the rental side. For lower-income households and households of color, though, the pressure of high housing costs is unlikely to relent.
