The annual report from the Joint Center for Housing Studies highlights a growing rent burden for low- and middle-income families.
In a post on the Enterprise Community Partners blog, Ahmad Abu-Khalaf and Fehintola Abioye outline the most important findings in the recently released State of the Nation’s Housing report from Harvard's Joint Center for Housing Studies (JCHS).
The report highlights “record housing cost burdens,” with 21.6 million renter households spending more than 30 percent of their income on housing. The report also notes that, in addition to a nationwide housing shortage, the supply of low-cost rental housing is becoming more limited, putting a disproportionate burden on the lowest-income renters.
“The report highlights the need for critical investments in upgrading aging homes to preserve the supply of existing homes,” pointing out that 6.7 percent of U.S. homes lack basic features like plumbing, electricity, or heating. According to the report, “The housing stock is not only aging but is also at rising risk of damage from climate disasters with increasing frequency and intensity. This challenge requires retrofitting existing homes to increase their resilience against climate risks.”
Lastly, the report “emphasizes the urgent need to boost federal support to develop and preserve more affordable homes,” urging federal reforms to preserve affordability and subsidize housing. “The report notes that addressing the U.S. housing affordability and supply challenges will require comprehensive solutions from all levels of government, the nonprofit sector, and the private sector.”
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