The State of Housing 2023

Chris Herbert

Dr. Herbert was honored to testify in a Senate Banking, Housing, and Urban Affairs hearing, "The State of Housing 2023." In his testimony, he highlighted the nation’s principal housing challenge of affordability, for both renters and homeowners. The share of renters facing housing cost burdens rose from the 2000s through the middle of last decade. While the years before the pandemic saw a modest recovery, the cost-burdened share of renters has now worsened substantially in the face of rising rents. Meanwhile, the lack of starter homes means that entry-level homebuyers have fewer affordable choices, delaying transitions to homeownership and increasing rental demand.