On June 22, 2016, Harvard’s Joint Center for Housing Studies released The State of the Nation’s Housing 2016.
The 2016 report sheds light on a decrease of homeownership. Increasing numbers of people are renting rather than buying and the result could be because of student debt. According to the report, poverty has also become increasingly concentrated. In 2014, nearly 14 million people lived in neighborhoods with poverty rates of at least 40 percent, up from 6.5 million in 2000.
The national homeownership rate has been on an unprecedented 10-year downtrend, sliding to just 63.7 percent in 2015.
Cost burdens are nearly universal among the nation’s lowest-income households. Federal assistance reaches only a quarter of those who qualify, leaving nearly 14 million households to find housing in the private market where low-cost units are increasingly scarce. Low-income households with cost burdens face higher rates of housing instability, more often settle for poor-quality housing, and have to sacrifice other needs—including basic nutrition, health, and safety—to pay for their housing.
To read the full press release and report, visit Here