Homelessness hit a record high in the US this year Homelessness in the United States soared to the highest level on record, according to government data released Friday.
More than 770,000 people experienced homelessness in 2024, an 18% increase from 2023, the US Department of Housing and Urban Development reported. It was the largest annual increase since HUD began collecting the data in 2007 (excluding the jump from 2021 to 2022, when the agency didn’t conduct a full count due to the Covid-19 pandemic).
The surge in homelessness was driven by a lack of affordable housing, a rise in migrants seeking shelter and natural disasters, which caused some people to be displaced from their homes, the report said.
The data was collected on a single night in January 2024 and represents an annual snapshot of the number of people staying in shelters, temporary housing and unsheltered settings.
The data from earlier this year likely does not represent the current state of homelessness, given government efforts to curb border crossings, according to HUD. Still, the report sheds light on a tragic outcome of America’s affordable housing plight. After decades of under-building, demand for homes has vastly outstripped supply. That drove home prices to record highs in 2024. The cost of borrowing to purchase a home has remained persistently high this year, as well, even as the Federal Reserve cut interest rates three times this year. The average 30-year fixed mortgage rate was 6.85% last week, down from a high of 7.22% earlier this year.
Rents have continued climbing since briefly dipping lower during the pandemic, as well. As of 2023, nearly half of renters spend more than 30% of their income on housing, qualifying them as cost-burdened, according to the US Census Bureau.............
https://www.cnn.com/2024/12/27/business/homelessness-highest-level-on-record/index.html
