Pandemic population losses turn into gains
Residents are starting to return to U.S. metropolitan areas they left during the pandemic.
The New York-Newark-Jersey City area lost roughly 277,000 people at the height of COVID-19 in 2020 and 2021. But it is now the fastest-growing area in the country after adding 213,000 residents between 2023 and 2024, U.S. Census figures show. The area now has a total population of about 19.9 million.
The Los Angeles-Long Beach-Anaheim metro area gained more than 41,000 residents after losing more than 214,000 in 2020-21, according to the Census Bureau. Chicago-Naperville-Elgin lost about 77,000 in 2020 to 2021 and 52,000 in 2021 to 2022 but added close to 100,000 between 2022 and 2024, the figures show.
Other areas that gained population include Washington-Arlington-Alexandria; San Francisco-Oakland-Fremont; Miami-Fort-Lauderdale-West Palm Beach; and Boston-Cambridge-Newton.
The pandemic-induced trend of remote working led many Americans to move to areas offering more space or cheaper housing. But workers are starting to move back as the federal government and private employers tighten in-office attendance requirements.
Credit card delinquencies mount
U.S. consumers are under more pressure from mounting credit card debt.
The percentage of cardholders making the minimum payment on their accounts hit a new 12-year high, according to the latest figures from the Federal Reserve Bank of Philadelphia. Meanwhile, percentages of credit card accounts 30, 60 and 90 days past due increased in the fourth quarter, with the 90-day delinquency rate setting a new record, the bank said.
The trends show greater consumer stress at a time when housing affordability is weighing on demand in many markets.