The Joint Center for Housing Studies at Harvard released its annual State of the Nation’s Housing Report this week. Here are a few highlights:
- The homeownership rate for households aged 65+ fell slightly from 79.5 percent in 2021 to 79.1 percent in 2022. A decade ago, the 65+ homeownership rate was 81.1 percent.
- The number of households aged 65+ increased from 24.2 million in 2011 to 34.9 million in 2022, now representing a third of all households.
- On an annual basis, home prices rose two percent year over year in February 2023, down sharply from their peak rate of 20.8 percent annual growth in March 2022.
- Aggregate homeowner equity in the U.S. totaled a near-record $31 trillion in the fourth quarter of 2022, up 33 percent ($7.7 trillion) in real terms since the start of the pandemic.