Harvard Study Cites Critical Shortage of Affordable Housing

According to the State of the Nation’s Housing report released by Harvard University’s Joint Center on Housing Studies, the housing recovery is well underway, but the millions of borrowers delinquent on their mortgages or underwater continue to pull at the edges of the recovery. In addition, the number of renter households grew in 2012 by 1.1 million, the second year of double-digit growth in the rental market. As that sector increases, homeownership declines, MHProNews has learned from appliancemagazine. The report states, “With rising home prices helping to revive household balance sheets and expanding residential construction adding to job growth, the housing sector is finally providing a much needed boost to the economy. But long-term vacancies are at elevated levels in a number of places, millions of owners are still struggling to make their mortgage payments, and credit conditions for homebuyers remain extremely tight. It will take time for these problems to subside. Given the profoundly positive impact that decent and affordable housing can have on the lives of individuals, families, and entire communities, efforts to address these urgent concerns as well as longstanding housing affordability challenges should be among the nation’s highest priorities.”

(Image credit: Fotosearch–homeownership)

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