Harvard’s Joint Center for Housing Studies provides insight into key challenges and trends affecting the U.S. housing market as of 2024. This year’s data highlights growing financial strain on both homeowners and renters, as rising mortgage rates and escalating housing prices make homeownership increasingly unattainable for many. In fact, home prices have risen 47% since 2020, with the average single-family home now costing five times the median household income. The “lock-in” effect—where current homeowners hold onto properties due to low mortgage rates—continues to constrain the housing inventory, while the rental market remains strained, with nearly half of renters paying over 30% of their income on housing
While multifamily construction has recently increased, helping to moderate rent growth, cost burdens remain at all-time highs. These challenges are exacerbated for low-income households and have contributed to a rise in homelessness. Affordability issues are notably severe in cities like San Francisco, New York, and Miami, where high home prices significantly outpace income growth
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For a deeper look, Harvard’s 2024 “State of the Nation’s Housing” report details these developments and examines policy responses aimed at addressing affordability and inventory constraints. You can read the full report
ps://jchs.harvard.edu/press-releases/new-report-shows-housing-costs-strain-owners-and-renters-alike-millions-priced-out).
