US Homelessness Rises 18% in 2024 Amid Inflation, Housing Costs

What Happened?

A new report Friday revealed that more Americans were homeless this year compared to at any other point documented, federal officials declared.

According to The 2024 Annual Homelessness Assessment Report (AHAR) to Congress, people in families with children had the largest single-year increase in homelessness.

About one in every five people experiencing homelessness on a single night in 2024 was age 55 or older, the report also revealed.

The report from the U.S. Department of Housing and Development comes when families are struggling due to inflation and the lack of housing affordability.

Nearly 772,000 people were experiencing homelessness across the U.S. on a single night, marking an 18% increase from 2023.

Veterans were reportedly the only population that continued to decline in homelessness by 8% between 2023 and 2024.

Why it Matters

The report states that homelessness has been fueled by the effects of not just affordable housing and inflation, but also stagnant job wages, natural disasters, public health crises, discrimination, and safety nets.

President Joe Biden’s administration believes the released data by HUD 'does not represent current circumstances.'

HUD acting Secretary Adrianne Todman issued a statement that said the data was nearly a year old and 'no longer reflects the situation we are seeing.'

Todman added, 'We know what works, and our success in reducing veteran homelessness by 55.2% since 2010 shows that.'

The Biden administration announced nearly $40 million to support veterans through the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program in response to the latest survey.

Some government officials are still reportedly scrambling to find solutions to this growing concern through housing tax credits, property tax abatement, and other inclusionary zoning methods.

HUD officials pointed to a 60% decrease in 'unlawful' crossings at the border and immigrant populations in shelters across the U.S.

The encounters reportedly are at their lowest since July 2020.

However, HUD’s principal deputy assistant secretary Marion McFadden told USA TODAY that similar progress can be made with the entire U.S. homeless population behind strategies surrounding veterans.

One key metric, HUD's Richard Monocchio told USAT was waived up-front requirements and expanded income eligibility cut-offs for homeless veterans in Los Angeles.

McFadden added, 'The reality is when the federal government, Congress, and the White House dedicate resources in a bipartisan way, you're going to see results, and we see that with veterans because of the strong safety net veterans have.'

President-elect Donald Trump has referenced things like banning 'urban camping,' which has heavily impacted states such as California to address the issue.

How it Affects You

Many economists say there is no clear link between undocumented immigration and housing affordability as Trump has heavily suggested during his campaign.

Studies suggest that mass deportation efforts could reduce U.S. employment and lower GDP.

It is still unclear how Trump may proceed to address these issues during his second term in office.

However, the facts remain that the U.S. will have to act fast to address these growing matters that have heavily impacted the American people.