Affordable Housing, Homelessness, Reports and Publications, Supportive Housing

2015 State of the Nation’s Housing Released

Joint Center for Housing Studies of Harvard University

The Harvard Joint Center for Housing Studies (JCHS) has released the 2015 State of the Nation’s Housing report. The report predicts that the housing market will make a slow recovery, delayed by mortgage difficulties for Millennials with high rents and those with bad credit. The publication also describes a growing national stock of multi-family housing and an impending need for affordable housing.

The State of the Nation’s Housing finds that the single-family homes market is slow. Construction of single-family homes is still down, and the homeownership rate has continued to fall, with a rate of 64.5% at the end of 2014. The homeownership decline is most prevalent among Generation Xers, while younger first-time buyers face obstacles of high rents and student debt, low household incomes, and restrictive financing.

As homeownership rates have declined, the rental market has grown. Much of this growth was fueled by older householders (ages 45-64) and those earning more than median incomes. As the market has climbed and vacancy rates have dropped, an increasing number of renters spend more than 30% of their incomes on housing. The largest rise in percentage of cost-burdened renters has occurred among those in the ten most expensive metro areas and those with middle incomes ($30,000 - $75,000).

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