Harvard Says 22.7 Million Renters Are Cost-Burdened as US Housing Strain Persists
Updated
Updated · USA TODAY · Jun 17
Harvard Says 22.7 Million Renters Are Cost-Burdened as US Housing Strain Persists
3 articles · Updated · USA TODAY · Jun 17
Summary
22.7 million renter households were cost-burdened in 2024, including 12.1 million spending more than half their income on housing, according to Harvard’s 2026 State of the Nation’s Housing report released Tuesday.
20.7 million homeowner households—24% of the total—also spent more than 30% of income on housing, while 9.6 million paid over half, showing affordability pressure extends well beyond renters.
1.1 million new households formed in 2025 and only 11.2% of Americans moved in 2024, both depressed by weaker labor markets, student debt, weak sentiment and lower immigration, the report said.
11 million extremely low-income households competed for just 3.8 million affordable and available rental units in 2024, leaving only 35% of need met in what Harvard called the most intractable housing shortage.
Older housing stock is adding to costs: owner-occupied homes have a median age of 42 years, and owners of pre-1940 homes spent an average $6,700 a year on repairs and improvements in 2023.
With homeownership out of reach, is the American Dream being fundamentally redefined for millions?
With Europe appointing a housing chief, what global strategies could solve America's affordability crisis?
Can innovative technology build our way out of the housing crisis faster than policy changes ever could?
The US Rental Affordability Crisis Peaks in 2024: Causes, Consequences, and Global Lessons
Overview
In 2024, the US rental housing market faced an unprecedented crisis as federal support failed to keep up with rapidly growing needs. Federal rental assistance and preservation programs could not meet the rising demand for affordable housing, creating a significant gap that worsened the affordability crisis. This shortfall led to severe financial strain on renter households, with many struggling to cover basic expenses. As budgets tightened, the burden on renters intensified, highlighting how the lack of adequate federal support directly contributed to the widespread and immediate impact of the housing affordability crisis.