Joint Center Sees Multiple Problems Emerging from Construction Shortfall

The annual State of the Nation's Housing report from the Joint Center for Housing Studies (JCHS) at Harvard University is the latest vehicle for sounding the alarm about the country's diminishing housing stock and the resulting decline in affordability. Although the economy has recovered from the Great Recession and household growth has returned, housing production has not. The report says, "the shortfall in new homes is keeping the pressure on house prices and rents, eroding affordability-particularly for modest-income households in high-cost markets." Since reaching bottom in 2011 at 633,000, additions to the housing stock have grown at an average annual rate of 10 percent, but in seven years reached only 1.2 million units. When the last ten years are excluded, 2018 was the lowest annual...(read more)

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