In case you thought the affordable housing crisis only exists in NJ, the U.S. housing market continues to experience sharp drops in housing demand and an oversupply of stock, the nation’s largest housing challenge remains affordability, according to this year’s State of the Nation’s Housing report. The report, from the Harvard University Joint Center for Housing Studies, says that housing markets will eventually recover, with increasing demand for new homes due to immigration trends and the aging of the baby-boom and echo-boom generations. But affordability will be a long-term challenge. “Local restrictions on development discourage production of lower-cost housing, forcing up both rents and prices,” the report says. To access the report in different formats, a fact sheet, and other resources, click here.
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