Census 2020: What You Need to Know
Since 1790, the United States Census has been active in gathering data about the country’s population. But it’s more than just a way to count “every person living in the United States and five U.S. territories” once every ten years. The census is a constitutional mandate that’s critical to the lives of many.
The census helps the federal government map out congressional and state legislative districts. Aside from that, it determines the volume of local representation for each State.
It also helps in funding services provided by the federal government, specifically law enforcement, education, and public works. Housing, which has received an allocation of $44.1 billion of the 2020 U.S. Budget, also receives support from data gathered by the Bureau of the Census.
Sure enough, the real estate sector relies on information provided by the census. It’s hard to guess why it shouldn’t.
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The Department of Housing and Urban Development implements and oversees the government’s policies for community development
In order to act on this role, HUD needs to examine local demographic data. This will help it better understand the housing needs of a particular community.
HUD gathers tract-level data that allows HUD to perform market analyses on current insurance trends and determine demographic segments. These are integral to the design and implementation of federal housing programs. Aside from that, HUD uses census data to ensure compliance of fair housing policies.
HUD also relies on the accuracy of census data to keep track of other socio-economic metrics. For one, the census gathers data on rent and income growth, and unemployment per city and county. This will make it easier for people to decide whether to buy, sell, build, or rent.
Data for getting ahead
Census data is also valuable to key players in the real estate sector. Investors, for instance, will need to focus on demographic changes within a given location. Information about rent growth and age categories are valuable in decision-making.
Rental property investors can refocus their strategies if, for instance, the renter population is composed mostly of millennials. From this, they can focus on securing facilities that attract this specific demographic.
Without census data, how can HUD, realtors, real estate investors, and even homebuyers make informed decisions within local property markets?
Real estate is complex as it should be, which is why we can’t depend on gut feeling alone to navigate the market.
Doing your part
The census is part of our duty as citizens. It also allows us to get a good view of how our tax dollars are put to use. Sure enough, it gives us the low-down on what to do about volatility in the real estate market.
The census requires massive manpower and resources to pull off but its impact will be even more massive. The numbers it provides will shape the future of many Americans and nurture communities.
If you want to be a part of this endeavor, you can volunteer at the Bureau of the Census. You may also join local Complete Count Committees in your area.
Arbrook Realty, for its part, can help buyers and sellers with their real estate goals using census information covering the real estate market of the DFW area.
Contact us today and see how we can help you shape your future!