As the housing sector makes a steady recovery, 20.6 million households must pay more than half their household income on housing, a record high, according to a new report from the Harvard Research Center. Seven out of ten of those households subsist on annual incomes roughly equivalent to year-round employment at the minimum wage.
Released by Harvard’s Joint Center for Housing Studies The State of The Nation’s Housing 2013 finds that rising home prices and growing demand are driving the housing recovery, but that long-term vacancies, delinquent mortgages, and home ownership rates show that not everyone is benefiting from the recovery.*
Read full report here.