Sonny Clark
Diamond Member
- Banned
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3 Obvious Reasons for the Racial Wealth Gap in America
Owning a home, then equal pay for equal work, and then having a college degree are the three factors that can make the biggest difference in closing the racial wealth gap, which is how non-whites in America are vastly less wealthy than most whites.
If blacks and Latinos owned homes as widely as whites, then median black household wealth would grow by $32,113, and median Latino wealth would grow by $29,213, a new study by Demos, a progressive think tank, and the Institute for Assets and Social Policy at Brandeis University has found.
Similarly, if non-whites were paid the same as whites, they would yield another $11,488 for blacks and $3,528 for Latinos, the groups reported. In contrast, graduating college would only yield $1,313 more for blacks and $3,528 for Latinos, they said.
The typical black household has just 6 percent of the wealth held by white households and Latino households have just 8 percent.
In 2011 the median white household had $111,146 in wealth holdings, compared to just $7,113 for the median Black household and $8,348 for the median Latino household.
While 73 percent of white households owned their own homes in 2011, only 47 percent of Latinos and 45 percent of Blacks were homeowners,” the wrote. “In addition, Black and Latino homeowners saw less return in wealth on their investment in homeownership: for every $1 in wealth that accrues to median Black households as a result of homeownership, median white households accrue $1.34; meanwhile for every $1 in wealth that accrues to median Latino households as a result of homeownership, median white households accrue $1.54.
3 Obvious Reasons for the Racial Wealth Gap in America It s Time to Fix Them Alternet
And the root cause for this is?
Owning a home, then equal pay for equal work, and then having a college degree are the three factors that can make the biggest difference in closing the racial wealth gap, which is how non-whites in America are vastly less wealthy than most whites.
If blacks and Latinos owned homes as widely as whites, then median black household wealth would grow by $32,113, and median Latino wealth would grow by $29,213, a new study by Demos, a progressive think tank, and the Institute for Assets and Social Policy at Brandeis University has found.
Similarly, if non-whites were paid the same as whites, they would yield another $11,488 for blacks and $3,528 for Latinos, the groups reported. In contrast, graduating college would only yield $1,313 more for blacks and $3,528 for Latinos, they said.
The typical black household has just 6 percent of the wealth held by white households and Latino households have just 8 percent.
In 2011 the median white household had $111,146 in wealth holdings, compared to just $7,113 for the median Black household and $8,348 for the median Latino household.
While 73 percent of white households owned their own homes in 2011, only 47 percent of Latinos and 45 percent of Blacks were homeowners,” the wrote. “In addition, Black and Latino homeowners saw less return in wealth on their investment in homeownership: for every $1 in wealth that accrues to median Black households as a result of homeownership, median white households accrue $1.34; meanwhile for every $1 in wealth that accrues to median Latino households as a result of homeownership, median white households accrue $1.54.
3 Obvious Reasons for the Racial Wealth Gap in America It s Time to Fix Them Alternet
And the root cause for this is?