2023 State of the Nation’s Housing Report
This year’s State of the Nation’s Housing 2023 report from Harvard University’s Joint Center for Housing Studies paints a stark picture of record unaffordability, near-record housing shortages, and major barriers to first-time homeownership. Habitat for Humanity International co-sponsored the report through our Cost of Home campaign to help bring greater attention to these and other urgent housing challenges impacting the U.S. Below are four major takeaways from the report for Habitat’s work and the communities we serve:
1. Homeownership costs skyrocketed in 2022, pricing out 2.4 million renters.
According to Harvard’s JCHS, the estimated housing payments — including mortgage, insurance, and property tax — needed to purchase a median-priced home in the U.S. reached $3,000 per month in March 2023, pricing out 2.4 million more renters from homebuying than last year. This included a disproportionate share of Black and Hispanic homebuyers.
Affordable Housing Crisis in 2023:
Where Do We Stand, What are the Solutions?
The affordable housing crisis in the United States has plagued Americans across the country since the Great Recession—and is only getting worse. 2022 estimates indicate that the U.S. needs some four to five million more homes on the market than it has right now. Housing costs have become increasingly untenable for renters and buyers alike; over 40% of renters are cost-burdened (meaning they spend more than 30% of their income on housing costs), and housing prices are rising faster than wage growth in 80% of U.S. markets. Moreover, the situation has been exacerbated by the work-from-home boom and supply chain shortages that resulted from the COVID-19 pandemic. Demand increased as Americans moved to the suburbs; at the same time, supply decreased due to shortages of labor and building materials.
We talk to Andra Ghent, Professor of Finance at the University of Utah’s David Eccles School of Business, to discuss the problem of housing affordability, as well as what solutions might be possible for the public and private sectors.
How has the work-from-home boom changed housing affordability and migration patterns since the pandemic?
People need more space to be able to work remotely. We know this from pre-pandemic data showing that people that worked remotely spent a larger fraction of their income on housing and had more rooms in their home (see graph below from Stanton and Tiwari, 2021). Importantly, it’s not just dedicated home office space that people want more of when they work remotely.
Ralene Nelson, REALTOR®
PENDING SALE – 4052 Heaton Ct. Antioch
4 bed/3 bath/2,873sqft/4,748sqft lot
PRICE CHANGE – $699,900. Move in ready, with curbside appeal. This home shows pride of ownership. Newer 24 tile floors greet you at the entrance & throughout the main floor w/6 baseboards. Den & full bath are at the front of the home then passing to the living room & dining, where high ceilings provide a feeling of grandness. The remodeled kitchen has new white cabinets w/soft closing doors, quartz counters w/alined vines & chevron tile backsplash, new stainless appliances, a Bosch dishwasher & refrigerator. Gas stove w/air fryer oven & standard oven & Zepher hood make for a gourmet chef’s delight. The chef has a pantry, stainless workstation sink & ambiance lighting above the cabinets. The kitchen opens up to the family room with a corner electric fireplace enhanced by tile surrounding the wall. Venture upstairs to the 4 bedrooms, LVP flooring 4 baseboards throughout. The laundry room is at the top of the stairs, & primary bedroom is at the rear of the home with a view of the river. The large primary bath has double sinks, an oval tub & tiled shower with a beautiful frameless door. READ MORE
FOR SALE – 500 Coronado Way, Rio Vista
2 bed/2 bath/2,048sqft
$529,500 – Don’t miss out on this stunning Burlingame model, located on a corner lot with minimal exposure to rear neighbors. The entrance has been upgraded with stamped/dyed concrete as well as, the 2 rear patios. This home has great curb appeal, & as you step inside, you can feel the warmth from the soft decorating neutral tones & plush carpet. The flex space provides you with additional room for entertaining, both for seating & dining and the gourmet kitchen equipped with stainless appliances for the chef includes an island for bar stools & sink. Extra counter space also provides as excellent spot for a buffet or displaying your treasures. This home has a nook for casual dining & space for a formal dining room table, as well as a den/study. The gas fireplace with w/upgraded mantle in the great room makes for a cozy room too. The primary suite is larger than most and accommodates a king bed with ample room around. Slider to private patio w/privacy screen provides a cozy spot for morning coffee/nightcap. The primary bath has double sinks, a walk-in shower & walk-in closet. The 2nd bedroom is located in front of the home, this provides privacy for both guests & homeowners. Move-in ready, just bring your treasures and join the fun in this Active Adult Community. 2 pools/spas, tennis courts, bocce ball, and billiards. READ MORE
FOR SALE – 718 Allender Way, Rio Vista
Events in Northern California this Weekend
Saturday 5 pm to 9 pm
2660 Ygnacio Valley Rd, Walnut Creek, CA
It is time to dust off your steins, dirndls, and lederhosen for an afternoon of fun Oktoberfest activities in the beautiful Shadelands Ranch Museum Biergarten! WEBSITE
Sacramento Beer & Chili Festival
Sat, Sep 30, 1 PM
Franklin D. Roosevelt Park 1615 9th St, Sacramento
The Sacramento Beer and Chili Festival is an annual fundraising event that features a chili cook off competition (industry, individual, vegetarian, People’s Choice), beer tastings from local breweries, and good times. Fundraiser for The East Sac Chamber of Commerce. WEBSITE
ELK GROVE FALL JAZZ FESTIVAL 2023
Sat, Sep 30, 7 PM – Sun, Oct 1, 2 AM
3020 Renwick Ave, Elk Grove, CA
It’s the1st Annual “ELK GROVE FALL JAZZ FESTIVAL” feat. JEANETTE HARRIS & Friends on Saturday – Sept. 30th @ Laguna Town Hall Amphitheatre. WEBSITE
Lodi Street Faire
Sun, Oct 1, 8 AM – 4 PM
Downtown Lodi Conference & Visitors Bureau
25 N School St, Lodi
“The Lodi Street Faire is one of the premier events in the State, attracting vendors from throughout California. The Street Faire takes up a 14-square block area of downtown Lodi. More than 500 vendors participate in this biannual event, selling antiques, arts & crafts, and retail items. While shopping, visitors can satisfy their appetite with their choice of food options serving everything from hamburgers to hot dogs, sausages to tri-tip, Mexican food, Chinese food, Filipino food, and otherworldly cuisine. Plus, no Faire is complete without sweet treats and cold drinks. So, bring the whole family for a day of shopping and fun! There is a free parking garage located on Sacramento and Pine St. This fills up quickly with vendors early, so best to try street parking outside of barricades.” official website. WEBSITE