News You Can Use:
“The Racial Wealth Gap in America”
The racial wealth gap in the United States is large, with Black households owning only 4.7% of all wealth while making up 13.6% of all U.S. households. In 2022, the median wealth of Black Americans was $44,900, while the median wealth of White Americans was $285,000. This means that for every $100 in wealth held by White households, Black households held only $15 in 2022.
“The Wealth Gap: Facts - The Chicago Community Trust”
According to a study by the Chicago Community Trust, the median Black household is projected to reach zero wealth by 2053. This is based on the assumption that no action is taken to address the racial and ethnic wealth gap.
“The Racial Wealth Divide and Black Homeownership”
The persistent homeownership gap significantly amplifies wealth growth among White families compared to Black families. This gap in homeownership rates between White and Black families has remained strikingly stable since 1900. The smallest difference was observed in 1980, at just 22.5%. Unfortunately, this gap has widened rather than narrowed over time, reaching 29.6% in 2020—even larger than when the Census first started recording these figures in 1900. This widening gap underscores the urgent need to address systemic inequalities in homeownership to foster equitable wealth growth.