From rising homeownership costs to shifts in rental affordability, here are some takeaways from recently released Census Bureau data
Oct. 16, 2024
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The housing market has changed over the past several years, with trends involving less affordability, lower homeownership rates, and more.
Changes in the U.S. housing market in recent years have affected both homeowners and renters. Analyzing data from the U.S. Census Bureau’s recently released 2023 American Community Survey, the Joint Center for Housing Studies of Harvard University teased out 10 housing market trends from the past year. They include changes in rental affordability, the different factors affecting homeownership costs, various financial challenges, and more.
The number of homeowners who spent 30 percent or more of their income on housing also rose in 2023 to 19.8 million households, up 723,000 from a year earlier and up fully 3.2 million since 2019. Nearly a quarter of homeowners (23 percent) spent such a high share of their income on housing, up 0.6 percentage points year over year and a substantial 2.1 percentage points since 2019.
