While the 2021 housing market had a record-shattering year, 2022 is likely to “cool,” according to the Joint Center for Housing Studies of Harvard University.

According to an initial data culled from the center’s State of the Nation’s Housing 2022 report, housing demand is far outstripping supply, and both home prices and rents rose at their fastest pace in decades. New construction also picked up sharply in a race to catch up with demand. But rising interest rates have already taken some heat out of the home buying market, and the historically large pipeline of new housing units under construction should bring some relief to tight housing markets. 

For lower-income households and households of color, though, the pressure of high housing costs is unlikely to relent. The surge in prices for gas, food, and other necessities has made matters worse, especially now that emergency government support is ending. The housing stock itself is in dire need of reinvestment to meet the demands of a rapidly aging population and the threats posed by climate change.  

The State of the Nation's Housing 2022 report is scheduled for release on June 22. For more information, click here.