The American Community Survey (ACS) is one of the most important resources for housing researchers in the country, providing a wealth of information on housing and households annually in the US. Last month, the Census Bureau released the first major components of the survey for 2023. While many of the estimates we produce at the Center require access to the more detailed microdata that will be released later this week, the new tables provide several important data points relevant for housing trends. Here are ten notable stories in the ACS data:
Another New Record for Renter Unaffordability. The new ACS data show that in 2023 a record high 22.0 million renter households spent at least 30 percent of their income on housing. This marked an increase of 226,000 from the previous year and an increase of more than 2.1 million since before the pandemic in 2019. More than half of all renters spent such a high share of their income on rent and utilities in 2023, including over a quarter (11.2 million) that spent at least half their income on housing. The methodology used by the Census varies slightly from the approach used by the Center, but the newest Census data suggest levels in 2023 exceeded the record number of renters with cost burdens set in 2022.
Source: 10 Major Housing Stories from the Latest ACS Data | Joint Center for Housing Studies
