Are there some helpful rules of thumb for determining whether to use a 5-year or 1-year estimate of American Community Survey data?
I understand that the 5-year data can be a little more precise on a granular level, and that the 1-year data is a bit more current- but I always find myself just using the 5-year data when it is available.
I am looking at large cities in particular - would getting population data on the city-level already be a task that is better to use 5-year estimates for? What about when looking at specific age groups on the city level?
To my understanding, once one is looking at PUMAs, the 5-year estimates are more reliable and should be focused on, is this a decent idea?
As I’m looking at change over time, and making comparisons between different data, the precision is pretty important to me, as I don’t want to ‘find’ a trend that is mostly explained by statistical noise.
Anyway, very new to understanding the arguments for use of the 1-year vs the 5-year, and would love to hear any of your thinking on it, tips, or rules of thumb.
Thanks a ton.