finance
Harvard Report Details Rising Housing Costs and Vacancies in 2026
The Joint Center for Housing Studies released its annual report on June 17 showing higher ownership expenses and record-low relocation rates. Vacant units reached the highest level since 2009 while many renter households remained cost-burdened.
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Harvard University's Joint Center for Housing Studies released its 2026 State of the Nation's Housing report on June 17. The study examined national trends in ownership costs, rental burdens, and housing supply from 2019 through early 2026. Homeowners faced rising non-mortgage expenses.
Average national property taxes increased 31 percent between 2019 and 2025, while average monthly insurance premiums rose 72 percent over the same period. The share of households that relocated fell to a record low of 11.2 percent in 2024. Renters also encountered high costs.
About half of renter households spent at least 30 percent of income on housing in 2024, and 26 percent spent more than half. Among households earning less than $30,000, 83 percent were cost-burdened.
New construction slowed as vacancies increased.
The national unsold inventory reached 127,000 units in January 2026, the highest level since 2009. Apartment vacancy rates rose 5 percentage points in Austin from 2021 to 2025, while active for-sale listings more than tripled. Some markets saw rent declines.
Austin recorded a 7 percent annual drop in rents as landlords lowered prices to fill units. Chicago experienced a smaller 0.5 percentage point vacancy increase and a more than 20 percent decline in for-sale listings over the same period.
Local and state governments are exploring zoning changes and tax-credit programs to encourage affordable development. The report noted that federal spending cuts under the Trump administration have increased pressure on these jurisdictions. The study concluded that the United States faces interlocking challenges in affordability, homelessness, climate resilience, and discrimination that require coordinated action across multiple sectors.
