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Community Issues and Insights
Community Issues Survey
“Over the past six months, the financial well-being of low-income populations has deteriorated. Rising costs, particularly for basic needs, have put immense pressure on household budgets. Many adults report having to borrow more money or rely on credit to make ends meet, which has contributed to higher levels of anxiety and financial strain.” —Workforce development board in Ohio
Twice a year, the Community Development Department at the Cleveland Fed administers the Community Issues Survey (CIS). Its goal is to collect information such as the quote above from direct service providers to monitor economic conditions and identify issues impacting low- and moderate-income (LMI) households in the region. Respondents are asked about jobs, housing, financial well-being, access to credit, and other issues that have a significant impact on the welfare of the communities they serve.
Key Findings from the September 2024 Survey
- Twenty-four percent of respondents said job availability for LMI workers had increased over the past six months, down from a high of 78 percent who said the same in the March 2022 survey. The majority of respondents (56 percent) said there had been no change.
- Seventy-four percent of respondents said the availability of affordable housing had continued to decrease over the past six months. This is the highest share since the first CIS in March 2018.
- Sixty-five percent of respondents reported that financial well-being for LMI people had decreased over the past six months, primarily because of price increases. The majority of respondents said access to credit had been unchanged.
- Respondents’ top concerns were rising rents, the lack of affordable housing, and the continued impact of rising prices on households’ budgets.
Low- and Moderate-Income (LMI) Indices
These indices reflect changes in economic conditions in LMI communities. In the indices referenced here, each response to a survey question is categorized as “increased,” “decreased,” or “no change.” More information on how the indices are constructed can be found in the report.
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