What economic challenges do families in the area face?
Many families in Montgomery County and surrounding communities are challenged by poverty and other barriers:
- 6.9% of the population (72,305 people) live on incomes that are below the Federal Poverty Line
- 21.8% of families are below 300% of the Federal Poverty Line
- 14.9% of female-headed households with children under 18 are living in poverty
- 53.2% of residents living in poverty (age 5 or older) speak a language other than English at home
Liquid Asset Poverty: 24.5% of households are without sufficient liquid assets to subsist at the poverty level for three months in the absence of income
- Zero Net Worth: 13.2% of households have zero or negative net worth
- Unbanked: 1.8% of County households do not have a checking or savings account – 13% of these households are white, 19.6% are Asian, 41.8% are Black, and 52.1% are Latino
What housing challenges confront our neighbors?
Living in the high-cost DC metropolitan area, many are considered “housing burdened,” meaning they spend more than 30% of income on housing:
- 46.8% of all renters are housing burdened
- 40% of white (non-Hispanic or Latino) renters, 37.8% of Asian renters, 63% of Hispanic or Latino renters, and 53.2% of Black or African American renters are housing burdened
- 85% of households with annual incomes of less than $50,000 are housing burdened