Harvard Housing Report 2014
The State of the Nation’s Housing report has been released annually by the Harvard Joint Center for Housing Studies since 1988. Now in its 26th year, it continues to serve as an essential resource for both public policy makers and private decision makers in the housing industry. This year’s report concludes that the U.S. housing recovery should regain its footing, but also faces a number of challenges. Tight credit, still elevated unemployment, and mounting student loan debt among young Americans are moderating growth and keeping millennials and other first-time homebuyers out of the market.
The video above is the 2014 Harvard Housing Report discussion panel with:
Xavier de Souza Briggs, Vice President, Economic Opportunity and Assets Program, The Ford Foundation (moderator)
Chris Herbert, Research Director, Harvard Joint Center for Housing Studies
Daryl Carter, Chairman, National Multifamily Housing Council; Founder, Chairman, and CEO, Avanath Capital Management
Mike Calhoun, President, Center for Responsible Lending
Lisa Sturtevant, Director, Center for Housing Policy; Vice President for Research, National Housing Conference
Millions of Americans, both homeowners and renters, spend more than 30 percent of their income on housing,the definition of cost burdened. According to most recent data, 40.9 million American households (35.3 percent) are cost burdened, including 19.8 million (17.1 percent) with severe burdens, meaning they spend over half of their income for housing.
Boston Condo market
|Share of households with cost burdens (%)||38.1|
|Share of households with severe cost burdens (%)||18.1|
|Household cost burden rank among metros or micros||72 (of 381)|
|Households with cost burdens||669,313|
|Household median income ($)||70,400|
|Household median monthly housing costs ($)||1,450|