Newly released American Community Survey data, analyzed by the Joint Center for Housing Studies at Harvard University shows that 43.5 million households were cost burdened in 2024, dedicating more than 30 percent of their income each month to housing costs.

The number of cost-burdened renter households also grew to a new all-time high. There were 22.7 million cost-burdened renter households (49 percent of all renters) in 2024, setting a record high for the fourth consecutive year. There were 170,000 more burdened renters compared to the year prior, and 2.3 million more than in 2019. Differential housing costs and income growth since the start of the pandemic contributed to unaffordability; between 2019 and 2024, renters’ median housing costs rose by 38 percent while incomes increased by just 28 percent.

In a blog post discussing the analysis, JCHS noted that for older, lower-income homeowners, levers to offset rising non-mortgage costs like property tax abatements, energy assistance, and home weatherization programs are also vital. To benefit households up and down the income scale, state and local governments can reform local zoning laws and encourage more cost-effective construction methods, like modular and manufactured housing. This could encourage more housing construction and a diversity of housing types to help ease the ongoing supply shortfalls that have contributed to record unaffordability.