Economic Stability Eludes Families as Census Data Reveals Undercurrents of Hardship

Strategic Insights -

The Center for the Study of Social Policy (CSSP) analysis of the Census Bureau's annual data-release highlights relative stability in median income, poverty, and health insurance coverage rates between 2023 and 2024. However, a closer examination of the disaggregated data raises concerns about the impact of administrative actions and policy decisions on families' access to basic needs programs. As states prepare to implement the new paperwork requirements and cuts to food assistance and health coverage enacted in the recent budget law, the data suggests a more nuanced picture of economic stability.

Key Takeaways:

  • The overall median income remained at $83,730, keeping pace with inflation, while the poverty rate as measured by the Supplemental Poverty Measure (SPM) held steady at 12.9 percent for all people and 13.4 percent for children.
  • The SPM poverty threshold was $39,430 for a two-adult, two-child family who rented their housing in 2024, and research has consistently shown that families with incomes above this threshold experience serious material hardships.
  • The share of individuals with incomes up to twice the SPM thresholds also held steady between 2023 and 2024, at 28.5 percent.
  • The share of all people with health coverage remained at 92 percent, with a 0.8 percentage point decrease in public coverage and a 0.7 percentage point increase in private coverage.
  • Black adults saw a statistically significant increase in their uninsured rate, up 1.2 percentage points to 12.3 percent.
  • Black families faced a more difficult economy, with median income dropping to $52,370 and a statistically significant increase in poverty to 20.7 percent using the SPM.
  • The recently-passed budget law moves to even more frequent eligibility redeterminations, increased paperwork, and eligibility restrictions, which will cause millions more to lose their health coverage and food assistance.

Statistics:

  • Median income: $83,730 (kept pace with inflation)
  • Poverty rate (SPM): 12.9 percent (all people), 13.4 percent (children)
  • SPM poverty threshold: $39,430 (two-adult, two-child family renting housing)
  • Share of individuals with incomes up to twice the SPM thresholds: 28.5 percent
  • Share of all people with health coverage: 92 percent
  • Decrease in public coverage: 0.8 percentage points
  • Increase in private coverage: 0.7 percentage points
  • Uninsured rate among Black adults: 12.3 percent (up 1.2 percentage points)
  • Median income among Black people: $52,370 (dropped)
  • Poverty rate among Black people (SPM): 20.7 percent (up 2.2 percentage points)

Sources:

  • Center for the Study of Social Policy (CSSP)
  • Census Bureau's annual data-release