published this month by Harvard University’s Joint Center of Housing Studies, researchers reveal and further confirm a number of dark truths about the current state of residential real estate in the United States.
For one thing, the cost burden of housing has reached a record high, for renters as well as homeowners. Between 2019 and 2022, two million more renter households across the nation — 22.4 million in all — have needed to spend over 30% of their income on housing and utilities. The state of affairs is not so much better for homeowners, whose cost-burdened ranks grew by three million between 2019 to 2022. The majority of this increase impacted households making less than $30,000 annually.
Adding significantly to the burden for homeowners is the fact that insurance premiums and property taxes are both on the rise. Gen Z is hacking NYC rental culture — and living in upscale, amenity-rich shares for $1,600 a monthnicoletaionescu – stock.adobe.comEntitled “The State of The Nation’s Housing 2024,” the report also found that the rental market has recently been slightly softened by a surge in new multifamily units.
As well, it noted that homelessness has also reached record highs: “As housing costs have risen, so has the number of people experiencing homelessness, reaching a record-high 653,100 people in 2023,” the report states, a situation that can be partially explained by the migrant crisis as well as the “end of pandemic protections, high rents, and the already meager housing safety net.
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