Survey: Seniors, rural residents and renters face the 'devasting impact' of inflation

Rising gas and grocery costs hit lower-income Americans 
harder. (Photo by rc.xyz NFT gallery, Unsplash)

Even before the Iran war, seniors and rural families were struggling to afford basics such as groceries, gas and rent. With the Strait of Hormuz closure, more Americans are under financial strain, but the higher costs hit lower-income people and families harder.

Data released by the U.S. Census Bureau's American Community Survey shows "certain groups of Americans are falling behind financially, with seniors, renters and people living outside metropolitan areas facing particular hardships," reports Stephanie Liebergen of Scripps News. The survey gathers demographic, social and economic data on Americans over five-year time spans.

Between 2020 and 2024, the "poverty rate for seniors rose in more than 800 counties when compared to the five years before, according to the survey," Liebergen writes. "Inflation wiped out almost all income gains for older Americans during this period."

Rural Americans' finances also lost ground because of lower or stagnant wages. Liebergen explains, "The median household income in large metro areas is 30% higher compared to households in rural communities, according to the new data." Renters, who tend to fall into lower income brackets, also got pinched. 

Eric Pachman, a data expert who analyzed the survey's results, told Scripps, "What the story really is, and what's really hitting me very hard right now, is the devastating impact of inflation on people at lower income brackets."

The survey does not include details on the 2025 tariff wars and the 2026 Iran war. Those two impacts have driven inflation higher, leaving more Americans spending a higher percentage of their incomes on gas and groceries.

Consumer prices across the U.S. rose at the "fastest rate since May 2023 last month, as sharp increases in energy costs caused by the war in the Middle East," reports Lydia DePillis of The Wall Street Journal. "Average gasoline prices are above $4.50 per gallon, while diesel prices have nearly doubled. . . .Grocery costs rose 2.9% since last April."