Source: Joint Center for Housing Studies of Harvard University

Date Published: 07.09.2025

Link: A Year for the Record Books: The State of the Nation’s Housing in Perspective

Housing affordability in the U.S. has reached crisis levels resulting in multiple record-breaking lows. Home prices climbed to a record median of $412,500, while monthly mortgage payments hit new highs of “$2,560, roughly 40 percent higher than in 1990”. These cost concerns have caused a downturn in the housing market resulting in the first decline in homeownership in 8 years (65.6 percent) and, “a record-high median age for first-time buyers (38 years).”At the same time, renters are under severe strain: more than 22.6 million households spend over 30% of their income on rent, 12.1 million spend over half, and the lowest-income renters are left with just $250 a month after paying for housing. Homelessness has also surged to the highest level ever at nearly 800,000 people nationwide. Despite this crisis, federal housing programs may see funding cuts from the new US administration reducing access to housing assistance. Without replacement sources of housing assistance, rising costs and fewer safety nets will make housing even more out of reach for millions of Americans.