Not surprisingly, a recent report on the housing challenges facing America is a bit of a downer. Every year, the Joint Center for Housing Studies at Harvard University releases a “State of the Nation’s Housing” report listing challenges facing homeowners and renters. You can find it at the link above.
Unfortunately, 2010 saw renters and homeowners more severely burdened with costs, meaning they’re forced to spend half of their monthly income on rent. The report states that number is at a record high — 19 million.
With interest in homeownership waning, rental markets are tightening in most Metro areas. The report showed the Louisville region experiencing a 2-6 percent increase in rental demand from 2009-2010. And that could help spur some new home construction, which has hit a dramatic low.
Plenty of other sobering details: a lingering foreclosure crisis, neighborhoods (mostly minority) suffering from the effects of empty, abandoned homes. But, there are crumbs of optimism, too. The report points to modest job growth over the last year as a reason to stay hopeful.