1、2 0 2 5THE STATEOF THE NATIONS HOUSINGJOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITYTHE STATE OF THE NATIONS HOUSING 2025 Joint Center for Housing Studies of Harvard UniversityHarvard Graduate School of Design|Harvard Kennedy SchoolTable of Contents1.Executive Summary.12.Housing Markets.103.

2、Demographic Drivers.174.Homeownership.245.Rental Housing.316.Housing Challenges.397.Interactive Data and Resources.47 Online Tables and Exhibits www.jchs.harvard.edu2025 by the President and Fellows of Harvard College.The opinions expressed in The State of the Nations Housing 2025 do not necessarily

3、 represent the views of Harvard University or the Policy Advisory Board of the Joint Center for Housing Studies.Principal funding for this report was provided by the Policy Advisory Board of the Joint Center for Housing Studies.Additional support was provided byFederal Home Loan Banks Habitat for Hu

4、manity International Housing Assistance Council MBAs Research Institute for Housing AmericaNational Apartment Association National Association of Home Builders National Association of Housing and Redevelopment Officials National Association of REALTORS National Council of State Housing Agencies Nati

5、onal Housing Conference National Housing Endowment National League of Cities National Low Income Housing Coalition National Multifamily Housing Council NeighborWorks America01EXECUTIVE SUMMARYIn 2025,households and housing markets face an ever-more challenging environment.High home prices and elevat

6、ed interest rates reduced homebuying to its lowest level since the mid-1990s.Increases in both insurance premiums and property taxes have heightened financial stress on homeowners and landlords.And,despite an abundance of new apartments,high rents have left more people than ever cost burdened,and ha