The annual report titled "State of the Nation’s Housing" from Harvard University’s Joint Center for Housing Studies, released on June 17, 2026, outlines significant challenges in housing affordability across the United States. The report indicates that persistent affordability issues and rising economic uncertainty are negatively impacting housing markets. It notes that sales of existing homes have reached three-decade lows, with inventories increasing due to high homebuying costs.
In 2025, only 1.1 million new households were formed, a figure comparable to the depths of the Great Recession. Additionally, only 11.2% of Americans relocated in 2024, marking an all-time low. As of 2024, 20.7 million homeowner households, or 24% of the total, spent more than 30% of their income on housing expenses, with 9.6 million spending over half their income. For renters, the situation is more severe, with approximately half of all renting households, or 22.7 million, classified as cost burdened, including 12.1 million that are severely burdened.
The report also highlights a significant mismatch between low-income households and available affordable rental units. In 2024, 11 million American households had extremely low incomes, but only 3.8 million rental units were both affordable and available, meeting the needs of just 35% of these households. The report emphasizes that the housing crisis affects various demographics, with renters facing the greatest challenges in states like Florida and Nevada, while homeownership remains costly in California and Hawaii. Furthermore, the report notes that people of color are disproportionately impacted by housing affordability issues, with 32% of Black-headed households and 29% of Hispanic-headed households being cost burdened, compared to 22% of White-headed households.