Discover the shocking realities behind the historic surge in the Homeless Crisis in US, with 653,000 Americans now homeless in 2023 despite a booming stock market. Explore the root causes, housing market strain, and urgent need for effective solutions.
Statistics recorded the surge of the homeless crisis in US. (Photo: Forbes)
Harvard Report Reveals Alarming Statistics: 653,000 Americans Homeless Crisis in US Despite Soaring Stock Market
Harvard Joint Center for Housing Studies recorded the surge of the homeless crisis in US. The number of homeless Americans neared 653,000 in January, up 12% from the year before, the largest increase in a single year. Since 2015, homelessness has increased 48%, highlighting the severity of the situation.
The housing market, in particular, is under pressure. A report from Yahoo highlighted that the housing supply hit an all-time low, with a .2% year-over-year drop and only 910,100 houses on the market. National Association of Realtors (NAR) Chief Economist Lawrence Yun emphasized that correcting this crisis will take years, urging prospective homebuyers to brace themselves for a long-term commitment.
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Furthermore, the lack of new housing supply has become a critical issue, resulting in substantial strain and delays due to extensive regulatory hurdles, particularly for companies aiming to mass-produce houses. Even efforts by modular home builders such as Veev and Boxabl Inc. faced challenges with regulatory complexities, hindering their ability to swiftly provide housing solutions at scale.
Some of the problems that led to this crisis are skyrocketing rent prices and inflation, which got worse when pandemic relief measures, like rights against eviction, were taken away. Places like California and Washington have a lot of chronic homeless people and shelters are overrun. Problems like crime and drug use make the situation worse.
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