State of the Nation's Housing Report Released
The Joint Center for Housing Studies (JCHS) of Harvard University released The State of the Nation's Housing 2013 report. The report, released annually by JCHS since 1988, provides an assessment of the nation's housing outlook and summarizes trends in the economics and demographics of housing.
According to this year's report, the affordable housing gap continues to grow as rising demand overwhelms supply. In 2011, there were 12.1 million extremely low-income renters, an increase of 2.5 million since 2007. Exacerbating the issue is the steadily shrinking supply of subsidized rental housing; 10,000 public housing units are lost each year.
The report also finds that while rising home prices and rents indicate a U.S. housing recovery, there has been no recovery in housing cost burdens. 20.6 million households had to spend more than half of their income on housing costs, an increase of 6.7 million households with severe housing cost burdens over the past decade.