We recently compiled a report on the 25 States with the Largest Homeless Populations in the US and in this article we will look at the state that topped our rankings.
Rise in U.S. Homelessness
According to the 2023 annual homelessness assessment report by the U.S. Department of Housing and Urban Development, approximately 653,100 individuals or about 20 per 10,000 people in the United States are experiencing homelessness. Of these, 60% are in sheltered homelessness, while 40% are unsheltered. Homelessness increased by 12% nationwide in 2023 compared to the previous year. The year 2023 recorded the highest number of people experiencing homelessness, with a 16% rise in families with children and an 11% rise in individuals. Urban areas account for 59% of the homeless population, whereas suburban and rural areas represent 23% and 18% of the homeless population respectively.
Families with children represent 28% of the homeless population, with a 16% increase in 2023 compared to the previous year. The number of unaccompanied youth under the age of 25 increased by 15% to over 34,700, comprising 22% of all homeless individuals under the age of 25. African Americans along with indigenous people including Native Americans and Pacific Islanders are among the highest homeless population. African Americans represent 13% of the total population in the United States and account for 37% of the homeless population and 50% of homeless families with children. The number of homeless individuals identifying as Asian American saw the largest percentage increase, rising by 40% in 2023 compared to the previous year. There is a 64% increase in unsheltered homelessness among this group. Homelessness in Hispanics or Latinos increased by 28% and represents a 55% increase in 2023 compared to the previous year. The national inventory of beds for the homeless increased by 7% in 2023 compared to the previous year, there has been a significant growth in emergency shelter beds, particularly facility-based beds.
The rise in homelessness can be attributed to several interconnected factors, including the lack of affordable housing and increased rents. These issues create a housing crisis where many individuals and families cannot find or maintain stable housing. The shortage of affordable options forces people into homelessness, the affordable housing market has experienced significant growth in recent years. According to the Business Research Company, the market is valued at $57.62 billion in 2024 and is expected to reach $71.13 billion by 2028, with a forecasted CAGR of 5.4%.
A Top Provider of Affordable Housing
American Homes 4 Rent (NYSE:AMH) also referred to as AMH is a real estate investment trust (REIT) that specializes in the acquisition, renovation, leasing, and management of single-family homes, which are rented out as residential properties. American Homes 4 Rent (NYSE:AMH) is a large-scale integrated owner, operator, and developer of single-family rental homes in the United States and plays a vital role in housing needs, particularly for those seeking affordable and stable housing options.
On July 10, American Homes 4 Rent (NYSE:AMH), reported that the company delivered its 10,000th new home since it launched its development program in 2017 and has been recognized by Builder Magazine as the 39th largest homebuilder in the United States as the 2024 Builder 100 List. American Homes 4 Rent (NYSE:AMH) delivered 2,317 homes in 2023 and plans to deliver an additional 2,200 to 2,400 homes by the end of 2024. The company has built and managed over 170 single-family rental communities nationwide and has a land pipeline of more than 10,000 lots in various stages of development. Commenting on the event Chief Executive Officer of American Homes 4 Rent (NYSE:AMH) David Singelyn said:
“AMH is focused on building quality rental homes and scalable communities across the country that add single-family housing supply in high-demand regions that need this product most. As we look ahead to the delivery of our next 10,000 homes, we remain committed to positively contributing to the national housing landscape and the economic development of markets across the U.S.”
There has been a rise in homelessness across the United States, with significant increases observed among families with children, unaccompanied youth, and various racial and ethnic groups. Addressing the surge in unsheltered individuals and the alarming growth will require a comprehensive approach, with that in context let’s take a look at the state with the largest homeless population in the US.
Jeffrey T. Kreulen/Shutterstock.com
Our Methodology
To compile our list of 25 states with the largest homeless populations in the US, we consulted The 2023 Annual Homelessness Assessment Report by The U.S. Department of Housing and Urban Development. We used the latest data available in their dataset, which provided us with estimates of people experiencing homelessness in every state in the United States. Here is the list of 25 states with the largest homeless populations in the US listed in ascending order according to the total number of homeless people.
Note: We included Washington, D.C. in our rankings because it has one of the largest homeless populations in the US.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
The State with the Largest Homeless Population in the US
1. California
Total Homeless Population: 181,399
California is the third-largest and the most populated state in the United States. The state has a strong economy leading in technology, entertainment, and agriculture. California accounts for 28% of the entire homeless population in the United States with almost 181,399 people according to a recent report. In 2023, California experienced the second-largest increase in homelessness, with a rise of 5.8% compared to the previous year. It is estimated that 46 out of every 10,000 individuals are currently homeless in California. California accounted for 49% of all unsheltered homeless people in the United States, totaling 123,423 individuals, with 68% of them experiencing homelessness outdoors.
Curious to learn about other states with the largest homeless populations? Check out our detailed report on the 25 States with the Largest Homeless Populations in the US.
At Insider Monkey, we delve into a variety of topics, however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June.
Disclosure: None. This article is originally published on Insider Monkey.