In January we reported on articles in the Wall Street Journal and other major outlets that highlighted a concerning trend in some housing market, hidden costs and the potential for it to result in higher foreclosures.
Now the Joint Center For Housing Studies of Harvard University has issued a new research brief.
“Housing affordability is a growing concern for homeowners. While high home prices and mortgage interest rates have forced first-time buyers to stretch their budgets, longtime homeowners are increasingly burdened by rising costs for home insurance, property taxes, utilities and routine maintenance of their homes. The greatest burdens are being shouldered by those with the lowest incomes, many of whom are older adults on fixed incomes or single-person and single-parent households relying on a single income. These homeowners have few options available to get immediate help paying housing-related bills, although several programs offer financial support for home improvements that can offer longer-term gains, such as for urgent repairs, weatherization, energy efficiency, or increased accessibility. With costs of homeownership rising and the number of households with burdens growing, demand for these programs will be necessary to keep homeowners safely and securely housed.”
To access the brief, please click here.