Grappling With the Nation’s Housing Cost Burdens

Harvard Joint Center for Housing Studies recently unveiled its “The State of the Nation's Housing 2023” report, an update on the nation’s marketplace and how the nation is collectively dealing with housing cost burdens when priced out of homeownership.

Authored by the Harvard Joint Center for Housing Studies, the Center advances understanding of housing issues and informs policy. Through its research, education, and public outreach programs, the Center helps leaders in government, business, and the civic sectors make decisions that effectively address the needs of cities and communities. Through graduate and executive courses, as well as fellowships and internship opportunities, the Center also trains and inspires the next generation of housing leaders.

“The State Of The Nation's Housing 2023” is a 52-page report analyzing the higher costs of homeownership weighing on both homeowners and renters. On the for-sale side, home sales and construction levels have been declining, while rental markets are experiencing reduced rent growth and rising vacancy rates.

And as home prices and rents remain elevated from pre-pandemic levels, millions nationwide—including a disproportionate share of people of color—are struggling with housing cost burdens, overall priced out of homeownership, or without shelter at all. Beyond the challenge of affordability, public and private investments are needed to mitigate the risks to the U.S. housing stock posed by climate change, and to expand options for older adults to age safely, and successfully in their communities.

Harvard Joint Center for Housing Studies Senior Research Associate Daniel McCue began the presentation, followed by a breakdown of the report from Moderator and Reporter Samantha Fields of Marketplace Radio; Chris Herbert, Managing Director, Harvard Joint Center for Housing Studies; California State Sen. and Chair of the Housing Committee, the Hon. Scott Wiener; Deputy Secretary of the U.S. Department of Housing and Urban Development, Adrianne Todman; Citizens' Housing and Planning Association (CHAPA) CEO Rachel Heller; and CEO of Ivory Homes, Clark Ivory.

“Thoughtful reinvestment in the housing stock and in neighborhoods is critical to meeting future needs while reducing long-standing inequities and helping communities recover from natural disasters,” said the report.

Click here for more information or to access the Harvard Joint Center for Housing Studies’ The State Of The Nation's Housing 2023 report.