The impacts of rising energy prices on the existing housing stock depend upon patterns of energy use, technical possibilities for substituting other inputs for energy in newly constructed and existing housing, the importance of energy in the overall housing cost structure, and the responses of owners and occupants to the resulting pressures. This paper considers all these factors in order to determine what effects rising energy prices will have on existing housing in the years ahead. Section II reviews recent engineering studies of residential energy use with an eye toward assessing what can be done to reduce energy requirements. Section III discusses the burdens that rising energy prices will place on consumers of housing. Section IV looks at the impacts of rising energy prices on the owners of the existing housing stock. Section V summarizes the findings and discusses their policy implications.