Wednesday, June 20, 2018

Harvard JCHS Releases State of Housing Report for 2018

Harvard University's Joint Center for Housing Studies released its State of the Nation's Housing report for 2018. The report digs into a number of trends impacting the housing industry. Among the important takeaways:

  • Home-ownership rates for young adults and black households are near 30 year lows
  • Vacancy rates are lowest for Class C apartments, and highest for Class A apartments
  • Nearly 50% of renters nationwide are cost burdened
  • Multifamily starts were down 9.7% in 2016-17, while completions were up 11.3%
  • Median home prices in Seattle, Portland metro areas are approximately 5-7.9 times greater than incomes
  • Oregon and Washington are experiencing high levels of domestic in-migration of Millennials
  • The national rental housing stock is shifting to higher-cost units
  • Apartment properties are appreciating faster than single family homes

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