New data from the U.S. Census Bureau shows certain groups of Americans are falling behind financially, with seniors, renters and people living outside metropolitan areas facing particular hardships.
The Census Bureau's five-year American Community Survey, which collects demographic, social and economic data on Americans, reveals troubling trends for these vulnerable populations.
Seniors hit hardest by inflation
The poverty rate for seniors rose in more than 800 counties from 2020 to 2024 compared to the five years before, according to the new census data. Inflation wiped out almost all income gains for older Americans during this period.
"What the story really is, and what's really hitting me very hard right now, is the devastating impact of inflation on people at lower income brackets," said Eric Pachman, a data analyst who examined the numbers.
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Pachman found that seniors were the lowest-performing demographic group economically. "They only added, say for every $100, they only added $3.50," Pachman said.
Jenna Alexander, a senior who felt financially pinched as her rent climbed, experienced this struggle firsthand. "Constantly, butterflies in the stomach," Alexander said, describing her financial stress. "Trying to plan -- what are my options going to besides the street."
Alexander moved into a senior living home last year to address her housing concerns.
Renters squeezed by rising costs
Renters are also falling behind financially, facing pressure from both lower incomes and higher housing costs.
"The renters are, are generally lower income and subject to higher costs. And so they get squeezed on both ends," Pachman said.
From 2020 to 2024, rent increased in 20% of counties across the U.S. compared with 2015 to 2019. The situation worsened as the number of inexpensive rental units dropped while the availability of pricier units skyrocketed.
"There are more units overall, but they're all moving to higher price points, and the income just isn't keeping up with that for renters," Pachman said.
Rural communities lag behind metro areas
Americans living in rural areas also tend to be worse off financially. The median household income in large metro areas is 30% higher compared to households in rural communities, according to the new data.
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"When you look at rural they make less money than metro," Pachman said. Rural families are "considerably closer even after an increase that that kept up with inflation to the level of poverty to support a family of four."
Education levels rise across most metro areas
The new data also includes updates on Americans' educational background. Almost 90% of metro areas saw an increase in the percentage of people 25 and older with a bachelor's degree.
