The State of the Nation's Housing 2024

This report from the Joint Center for Housing Studies of Harvard University provides an analysis of the current housing market in the United States as of 2024. It outlines the challenges faced by both homeowners and renters due to rising housing costs, which have been exacerbated by elevated home prices and interest rates. The report details how many potential homebuyers have been priced out of the market and highlights the increasing cost burdens on homeowners and renters alike. It documents the significant rise in cost-burdened households, particularly among those with lower incomes, and notes the record number of renters facing affordability issues. The report also discusses the dynamics of household growth, driven by demographic trends and immigration, and the impact of new multifamily construction on the rental market. Additionally, it presents data on the supply of homes for sale and the challenges posed by high operating costs for property owners, which are affecting the overall housing landscape.