In April, the Community Conditions Survey hit the national stage as the Community Perspectives Survey. The Federal Reserve Bank of Kansas City created the Community Conditions Survey to monitor the economic conditions of low-and-moderate (LMI) income communities across the Tenth District.
The Kansas City Fed worked with its partners across the Federal Reserve System and national community development organizations to collect responses from across the U.S. The Bank will conduct the national survey once a year. The Kansas City Fed will continue running its survey in the Tenth District in the fall. The national level data allows for a comparison of what's being experienced in the Tenth District vs. what the typical experience is nationally.
While the national version largely resembles the Community Conditions Survey, the Community Perspectives Survey added new questions to better understand the health of community organizations.
The survey produced a wealth of data. That is why External LinkFed Communities, the gateway to insights for the community development field from the Federal Reserve, published the results in two parts: the first dealing with community conditions and the second with organizational health.
How are lower income residents faring?
Overall, entities responding to the 2024 Community Perspectives Survey External Linkreported poor economic conditions for LMI populations. Housing and personal finance were among the worst performing indicators. Employment and education received slightly more positive ratings due to people’s ability to find work and the strong uptake of adult education programs. Respondents were relatively optimistic about the future except as it related to housing, personal finance, and human services. Continued challenges in these areas suggest that overall conditions for economic mobility in LMI communities will likely remain poor over the next year.
- Respondents largely expected the labor market to remain strong into 2025.
- Very few respondents expected any improvement in the housing sector for LMI residents.
- Most respondents said LMI populations were experiencing poor financial security due to income not keeping up with the cost of living.
- A large share of human services respondents expected conditions in their sector to worsen over the next year largely due to housing issues and continued challenges with mental health.
And what about the organizations that serve lower-income residents?
Overall, entities External Linkresponded positively in terms of their ability to serve their communities; however, they also reported considerable challenges. Nearly 80% of entities reported an increase in demand for their services over the last year, and 84% reported increased expenses. Additionally, entities noted that funding and fundraising were their top challenge. These challenges have hampered entities’ ability to fully meet their demand for services, as only about a one-third of respondents reported being able to do so.
Next round of the survey begins in October
The next survey will open in October, so stay tuned for notices of when to respond. And if you have not signed up for the External LinkCommunity Conditions Survey, we encourage you to do so. More responses will help us offer more insights into our communities.