Millions Priced Out Of Homeownership

Industry News,

Housing costs are the top issue plaguing both prospective home buyers and renters, according to Harvard University’s Joint Center for Housing Studies (JCHS).

Millions of potential buyers have been priced out of the market by high home prices and interest rates at the same time the number of renters with cost burdens has hit an all-time high. However, a surge in multifamily rental units is helping to slow rent growth, and increasing single-family construction is starting to lift for-sale inventories, both positive tailwinds for the housing sector and households.

Despite the increase in starts, the State of the Nation’s Housing 2024 report from the JCHS suggests the country’s housing challenges are likely “to become more urgent in the year ahead.”

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