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The U.S. Housing Stock: Ready for Renewal

March 19, 2013 Comments off

The U.S. Housing Stock: Ready for Renewal

Source: Joint Center for Housing Studies of Harvard University

After languishing for several years, the U.S. remodeling industry appears to be pulling out of its downturn, and a renewal of the nation’s housing stock is underway. The U.S. Housing Stock: Ready for Renewal is the latest report in the Improving America’s Housing series, published by the Remodeling Futures Program at the Joint Center. Foreclosed properties are being rehabilitated, sustainable home improvements are gaining popularity, older homeowners are retrofitting their homes to accommodate their evolving needs, and the future market potential is immense, as the emerging echo boom generation is projected to be the largest in our nation’s history.

Categories: age and aging, housing and real estate, Joint Center for Housing Studies at Harvard University

Housing Landscape 2012: Nearly a quarter of working households spend more than half of income on housing

February 29, 2012 Comments off

Housing Landscape 2012: Nearly a quarter of working households spend more than half of income on housing
Source: Center for Housing Policy

A new study by the Center for Housing Policy confirms that falling home prices have not solved the housing affordability problems of the nation’s working households. In fact, the Center’s Housing Landscape 2012 report found that the share of working households paying more than half their income for housing rose significantly between 2008 and 2010 for both renters and owners. This annual report explores the latest Census data from 2008 to 2010 on housing costs and income, including housing cost burden data from the 50 largest U.S. metropolitan areas, all 50 states and the District of Columbia. Among other conclusions, Housing Landscape 2012 finds that nearly one in four working households in the U.S. spends more than half of total income on housing.

Housing cost burden for working households grew over the two-year period studied largely due to falling incomes and rising rental housing costs. Report author Laura Williams says rents rose due to increased demand for rental housing which has outstripped supply, partly due to the crisis on the homeownership side of the market.

Categories: business and economics, consumer issues, housing and real estate, Joint Center for Housing Studies at Harvard University
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