On September 14, the U.S. Census Bureau published its 2020 income and poverty report, which evaluates national economic trends to understand their effect on the well-being of households, families, and individuals. Each year the report presents annual estimates of median household income and poverty by state and other smaller geographic units based on data collected in the American Community Survey (ACS), an ongoing survey that collects comprehensive information on social, economic, and housing topics.
In 2020, data collection faced extraordinary circumstances due to the onset of the COVID-19 pandemic as the Census Bureau suspended in-person interviews and closed both telephone contact centers. As a result, the standard 1-year estimates from the 2020 ACS, typically incorporated into the methodology to determine HUD Fair Market Rents, will not be released. However, the Census Bureau plans to release experimental estimates developed from the 2020 ACS 1-year data later this year in the form of a limited number of data tables for limited geographies.
This year’s report summarizes:
- Median household income decreased by 2.9% to $67,521 between 2019 and 2020; the first statistically significant decline in median household income since 2011.
- Page BreakBetween 2019 and 2020, the total number of people with earnings decreased by about 3.0 million.
- In 2020, there were 37.2 million people in poverty, approximately 3.3 million more than in 2019.
To review the full report, click here.