The Harvard Joint Center for Housing Studies (JCHS) released its 2018 The State of the Nation’s Housing annual report. The report suggests that while the housing market has seemingly stabilized after a decade of downturn following the Great Recession, renters and homeowners alike are still burdened by high housing costs that continue to increase. With millions of families at risk of housing instability, JCHS recommends national efforts to close the affordability gap.  

Of note, the report finds that young adults are finding it particularly challenging to afford housing. In fact, the homeownership rates for young adults is at its lowest since 1988, while the millennial generation is becoming a large driver of new household formation, with an average rate of 2.1 million net new households annually. As a result of high down payment and closing costs, many young adults are unable to enter the homeownership market.  

Additionally, JCHS notes that young adults and their parents are moving less frequently. Adult children are much more likely to live with their parents for longer than in the past, which is leading to the older generation of parents remaining in larger homes longer to accommodate their adult children still living with them.  

As a component piece to the full report, JCHS also released an interactive website. The website allows users to further explore the nation’s housing trends. Click here to visit the website.