Greater diversity, fewer marriages, and rising housing costs: How the US changed in Biden’s final year

Synopsis

The US Census Bureau's latest data reveals a slight dip in income inequality and a rise in median household income. The nation is becoming more diverse, with increases in Asian and Hispanic populations, while fewer people are getting married. Additionally, residential mobility decreased amid rising housing costs for both homeowners and renters.

The United States underwent notable demographic and economic shifts in 2023–24, according to fresh data from the U.S. Census Bureau’s American Community Survey. The annual survey, which gathers responses from 3.5 million households on more than 40 topics, paints a detailed picture of how American life evolved in the last year of Biden’s presidency.

Income Inequality Narrows

One of the most striking findings was a slight decline in income inequality nationwide, with the gap between top and bottom earners narrowing by nearly half a percent. Median household income also rose modestly, from $80,002 to $81,604. Several states, including Iowa, Nebraska, Ohio, South Dakota, Wisconsin, Georgia, Massachusetts, and New Jersey, recorded statistically significant dips in inequality. Experts attributed the change to higher employment rates and stronger income growth among middle- and lower-income households. However, North Carolina saw a slight rise in inequality due to a boom in high-paying jobs in tech and professional sectors, which widened the income gap despite cooling wage growth in lower-paying jobs.

More Diverse, Less Married
Demographic diversity continued to grow, with the non-Hispanic white population dropping from 57.1% to 56.3%. The Asian population rose to 6.3%, and the Hispanic share reached 20%. The Black population remained at 12.1%. Marriage rates also declined, with more men (37.6%) and women (32.1%) reporting they had never been married.

Housing Costs Up, Mobility Down

Fewer Americans moved to a new home in 2024, with just 11% relocating — a continuation of a decade-long decline. In 2019, by comparison, 13.7 per cent of US residents moved. Rising home prices and higher interest rates played a major role, pushing the median monthly mortgage cost to $2,035, with the highest burdens in California, Hawaii, New Jersey, Massachusetts, and Washington, D.C. Renters also felt the squeeze, with median rent climbing to $1,487 including utilities. Costs for renters also increased as the median rent with utilities went from USD 1,448 to USD 1,487.