Discover more from CalculatedRisk Newsletter
Lawler: Census Finally Releases 2020 Census Demographic Profile and Demographic and Housing Characteristics File
From housing economist Tom Lawler:
After an unusually long delay related to the challenges associated with conducting a Census during a nationwide pandemic, last week Census finally released the 2020 Census Demographic Profile and Demographic and Housing Characteristics File. This file contains among other things detailed information about the characteristics of the population and the housing market. While there are reasons to question the accuracy of some of the data, especially with respect to the age, sex, racial, and ethnic characteristics of the population (more on this later, though it should be noted that the same can be said for previous Census results), I thought I would share some aggregate statistics from the file. The table below focuses on housing/household related data.
Note: “Headship Rate” is defined as number of householders divided by resident population for each age category.
A few observations on the Census results:
From 2010 to 2020 the housing stock increased by significantly less than the number of households (occupied units), while the increase in the housing stock far outpaced the increase in households from 2000 to 2010. As a result, vacancy rates, which rose sharply from 2000 to 2010, declined from 2010 to 2020. In 2010 analysts were trying to quantify the “excess supply” of housing. Today analysts are trying to quantify the housing “shortage.”
The home ownership declined to 63.1% in 2020 from 65.1% in 2010 and 66.2% in 2000. There were especially large declines in the 25-64 year age groups.
Headship rates in 2020 were lower compared to 2010 for all age groups.
In a report later this week I will discuss some of the issues associated with the Census population numbers with respect to age distribution and discuss how that impacts folks trying to project the population by age.
CR Note: This data is from the 2020 Census. We know the number of households increased sharply during the pandemic (especially in 2021) pushing the vacancy rate down ever further.