Housing demand across the country is slowing due to an affordability crisis that makes it difficult for people with moderate-to-low incomes to buy a home or pay high rents, said Alexander Hermann, a senior research associate at the Harvard Joint Center for Housing Studies.
High housing costs, high home prices, high rents and rising interest rates are all part of the problem, Hermann said. Other key factors include a decline in the immigrant population and a “tepid and difficult job market for a lot of potential housing consumers,” he said.
At the same time, student loan debt repayments have restarted for a lot of young people.
“These factors all prevent new households from forming, and cause more young adults to double up and live with parents,” Hermann said…