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📅 Today's Story: The report warns of growing housing challenges nationwide, with prices up 60% since 2019. Renters are overburdened by rising costs due to inflation and high interest. Federal cuts will also likely push local governments to step up.
HOUSING TRENDS
Record Unaffordability, Federal Cuts Drive Housing Uncertainty |
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📰 What Happened: Harvard’s 2025 State of the Nation’s Housing report found that homeownership rates fell to 65.6% in 2024, with homeowners below 35 slipping the most. Meanwhile, median home prices hit $412,000, 5x the median income. And the proposed $33 billion cut to HUD funding means local governments need to step up.
🔍 A Closer Look: Home prices have soared 60% since 2019, while homelessness surged by 33% since early 2020. Now, 50% of renters are cost-burdened, and over 50% spend more than half their income on rent. Climate disasters also pose a growing risk, with over $180 billion in damage in 2024, affecting 61 million homes.
🧠 Why It Matters: The housing crisis continues to worsen, and with HUD cuts incoming, something needs to be done. Without federal support, increased local involvement and innovative policymaking will likely be the key to addressing the nation’s persistent housing unaffordability, supply snarls, and climate risks.
Source: Joint Center for Housing Studies / State of the Nation’s Housing 2025
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