Affordable Housing, Community Development, Reports and Publications

Harvard study: Renters and homeowners are in a housing crisis nationwide

Joint Center for Housing Studies of Harvard University
 

More than a third of U.S. households live in housing they can’t comfortably afford, according to the State of the Nation’s Housing 2014

The report says renters are particularly affected. More than a quarter (28%) were severely burdened, paying more than half their income toward housing.

In Connecticut, more than 30% of households pay more than 30% of their income on housing (cost burdened). The report also provide data on the cost burden in CT’s Metro areas:

  • In the Hartford – West Hartford – East Hartford Metro area, 36% of people are cost burdened and 16% are severely cost burdened.
  • In the Torrington Micro Area, 38.5% are cost burdened and 16.1% are severely cost burdened.
  • In the New Haven – Milford Metro Area, 44% are cost burdened, 22.7% are severely cost burdened; the Metro area ranked 14 out of 381 metros for highest household cost burden.
  • In the Bridgeport – Stamford – Norwalk Metro area, 42.8% of people are cost burdened,21.6% are severely cost burdened; the Metro area ranks 30 out of 381 for highest household cost burden.
  • In the Norwich – New London Metro area, 35.5% are cost burdened with 14.5% facing severe cost burdens.

The report, published by the Joint Center for Housing Studies of Harvard University, also said:

  • By 2025, a third of U.S. households will be minorities – and 46% of those will be between the ages of 25-34.
  • Aging Baby Boomer population (what some researchers call the Silver Tsunami) will lift the number of households 65 and older to 10.7 million.
  • The number of rental households continues to rise, and the multifamily property market is “flourishing.”

Click here to access the full report. 

The report includes an interactive map of housing costs viewable by metro and micro level. 

 

 
 

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