{"id":224396,"date":"2024-10-30T15:36:45","date_gmt":"2024-10-30T19:36:45","guid":{"rendered":"https:\/\/ncrc.org\/?p=224396"},"modified":"2025-04-02T16:49:07","modified_gmt":"2025-04-02T20:49:07","slug":"the-racial-wealth-gap-1992-to-2022","status":"publish","type":"post","link":"https:\/\/ncrc.org\/the-racial-wealth-gap-1992-to-2022\/","title":{"rendered":"The Racial Wealth Gap 1992 to 2022"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"224396\" class=\"elementor elementor-224396\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-731de51 elementor-section-height-min-height elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"731de51\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;b77f70d&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ca10bd9\" data-id=\"ca10bd9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-683095a elementor-widget elementor-widget-heading\" data-id=\"683095a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">The Racial Wealth Gap 1992 to 2022<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-90fa265 elementor-widget elementor-widget-text-editor\" data-id=\"90fa265\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>October 2024<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c830523 elementor-section-full_width elementor-section-stretched elementor-section-height-default elementor-section-height-default\" data-id=\"c830523\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;703c909&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d9f731\" data-id=\"1d9f731\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5481f4c elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5481f4c\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;63680be&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t\t\t\t\t<div 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data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">The Racial Wealth Gap 1992 to 2022<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a9e34a elementor-widget elementor-widget-text-editor\" data-id=\"8a9e34a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tComplete the form to download <br>the full report:<\/br>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-273d57d elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"273d57d\" data-element_type=\"widget\" data-e-type=\"widget\" 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class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><b>Joseph Dean, <\/b><i> Racial Economic Junior Research Specialist, NCRC<\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-385ab37 elementor-widget elementor-widget-spacer\" data-id=\"385ab37\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d6ad36 elementor-widget elementor-widget-heading\" data-id=\"8d6ad36\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u2014 Summary<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b833eb elementor-widget elementor-widget-text-editor\" data-id=\"3b833eb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Black households are increasingly dependent on homeownership as a wealth-building strategy. Yet homeownership is out of reach for most low- and moderate-income (LMI) families. Black households\u00a0<span class=\"GramE\">in particular also<\/span>\u00a0lack\u00a0<i>liquid<\/i>\u00a0assets, which compounds the effects of homeownership disparities \u2013 and which helps explain why the Black\/White wealth gap has changed little since 1992. To make progress in narrowing the racial wealth gap, governments should enact policies to make housing more affordable and promote\u00a0<span class=\"GramE\">homeownership,<\/span>\u00a0facilitate entrepreneurship and enable Black and Hispanic Americans to better save for retirement.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5da0fd8 elementor-widget elementor-widget-heading\" data-id=\"5da0fd8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u2014 Key Takeaways<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5eae80b e-con-full e-flex e-con e-parent\" data-id=\"5eae80b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;1dbeba5&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t<div class=\"elementor-element elementor-element-fa75a87 e-con-full e-flex e-con e-child\" data-id=\"fa75a87\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fc718f5 elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"fc718f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 41.37 70.59\"><defs><style>.cls-1{fill:#fff;}<\/style><\/defs><g id=\"Layer_2\" data-name=\"Layer 2\"><path class=\"cls-1\" d=\"M14.22,16V13.51c3-1,5-2.44,5.69-3.6h2.52l-.07,5.26V56.43l.07,5.26H18.11l.07-5.26V16Z\"><\/path><\/g><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-78ae204 e-con-full e-flex e-con e-child\" data-id=\"78ae204\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ebc47cb elementor-widget elementor-widget-text-editor\" data-id=\"ebc47cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span lang=\"EN\">Persistent Racial Wealth Gap<\/span><\/b><span lang=\"EN\">: The racial wealth gap between median Black and White households has remained virtually unchanged from 1992 to 2022. While there has been some narrowing of the Hispanic\/White wealth gap, it remains significant and far from parity.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-11cc1d8 e-con-full e-flex e-con e-parent\" data-id=\"11cc1d8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;1dbeba5&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t<div class=\"elementor-element elementor-element-0583382 e-con-full e-flex e-con e-child\" data-id=\"0583382\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b1ff709 elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"b1ff709\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 41.37 70.59\"><defs><style>.cls-1{fill:#fff;}<\/style><\/defs><g id=\"Layer_2\" data-name=\"Layer 2\"><path class=\"cls-1\" d=\"M28.36,20.86c0,6.92-3.82,16.71-7.85,24.77l-5.62,11.6H28.07V61H10.43V57.59L17.13,44c3.74-7.42,7.12-16.78,7.12-23v-.14c0-5.4-1.36-8.42-4.53-8.42s-4.9,3.24-4.9,9.64v.08h-4V22c0-9,3.53-13.39,9-13.39,5.91,0,8.5,4.9,8.5,12.1Z\"><\/path><\/g><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6741e6a e-con-full e-flex e-con e-child\" data-id=\"6741e6a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fda1b4c elementor-widget elementor-widget-text-editor\" data-id=\"fda1b4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span lang=\"EN\">Dependence on Homeownership<\/span><\/b><span lang=\"EN\">: The wealth of Black and Hispanic households is increasingly reliant on homeownership. This concentration in home equity makes their economic position more fragile and more susceptible to market fluctuations.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fe0986d e-con-full e-flex e-con e-parent\" data-id=\"fe0986d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;1dbeba5&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t<div class=\"elementor-element elementor-element-92cf4ae e-con-full e-flex e-con e-child\" data-id=\"92cf4ae\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cd42020 elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"cd42020\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 41.37 70.59\"><defs><style>.cls-1{fill:#fff;}<\/style><\/defs><g id=\"Layer_2\" data-name=\"Layer 2\"><path class=\"cls-1\" d=\"M13.24,48.26v.14c0,3.39,0,9.08,4.61,9.08S22.6,52,22.6,48.33V46c0-7.12-2.52-10.51-6.55-10.51H14.46V31.55h1.59c3.89,0,6.05-3.24,6.05-9.72V19.6c0-3.17,0-7.85-4.18-7.85s-4.46,5.19-4.46,8.5v.14h-4v-.14C9.5,14.49,11.37,8,18,8c6.2,0,8.28,5.47,8.28,11.59v2.23c0,6-1.94,9.87-5.47,11.38v.22c3.89,1.29,6,6,6,12.52v2.38c0,6.48-1.73,12.89-8.93,12.89S9.28,55,9.28,48.4v-.14Z\"><\/path><\/g><\/svg>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b4ddae0 e-con-full e-flex e-con e-child\" data-id=\"b4ddae0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-491bac9 elementor-widget elementor-widget-text-editor\" data-id=\"491bac9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><span lang=\"EN\">Insufficient Liquid Assets<\/span><\/b><span lang=\"EN\">: Two-thirds of Black and Hispanic households lack sufficient liquid assets to sustain themselves at the poverty level for three months. This financial vulnerability exacerbates their economic insecurity.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-d992646 e-con-full e-flex e-con e-parent\" data-id=\"d992646\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-69ac972 e-con-full e-flex e-con e-child\" data-id=\"69ac972\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-18c412c e-con-full e-flex e-con e-child\" data-id=\"18c412c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;shape_divider_bottom&quot;:&quot;triangle&quot;,&quot;shape_divider_bottom_negative&quot;:&quot;yes&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" aria-hidden=\"true\" data-negative=\"true\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M500.2,94.7L0,0v100h1000V0L500.2,94.7z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb8e6fb elementor-widget elementor-widget-menu-anchor\" data-id=\"bb8e6fb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Intro\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-815f5d6 elementor-widget elementor-widget-heading\" data-id=\"815f5d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Introduction<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-722877d elementor-widget elementor-widget-text-editor\" data-id=\"722877d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The average American\u2019s daily life experience has changed dramatically in the past three decades, to a degree rare in the country\u2019s brief history. Nearly every element of day-to-day life in the 2020s would be unrecognizable to a time traveler from 1989, thanks to the compound effects of the end of the Cold War, the start of the Global War on Terror and the digital revolution that, among other things, enabled\u00a0 ambitious social justice movements and extremist backlashes to them.\u00a0<\/p><p>Yet despite rapid social change, racial segregation and economic disparity remain frustratingly prevalent. For all that abstract upheaval, the hard numbers on entrenched racialized poverty are stubbornly static, as this report shows \u2013 using data that begins when the police beating of Rodney King brought civil unrest around the country and ends two years after the police murder of George Floyd did the same.<\/p><p>The vast and persistent wealth gap between African Americans and other Americans reflects inadequate economic empowerment. The roots of this wealth gap lie in chattel slavery, an institution that simultaneously created a new demographic group and deprived its members entirely: Slavery stripped African Americans not only of their freedom and self-determination but of opportunities to build wealth and foster community development. Despite ending over 150 years ago, the effects of this \u201cpeculiar\u201d institution,<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[1] <\/sup><\/a>as it was referred to by many slaveholders, continue to exacerbate the racial wealth gap today. While many racialized wealth gaps exist, none are as entrenched and persistent as the gap between African Americans and White people.<\/p><p>Throughout US history, various groups have faced exclusion based on race, religion, or national origin. But Eastern Europeans, Italians and Irish immigrants were eventually accepted as Americans as the concept of &#8216;Whiteness&#8217; expanded.<a href=\"#_ftn2\" name=\"_ftnref2\"><sup>[2]<\/sup><\/a> A nation born of protestant separatism eventually even accepted Catholics. Other groups, like Jews and some Hispanic and Asian communities, have also made gains in wealth and acceptance to varying extents.<a href=\"#_ftn3\" name=\"_ftnref3\"><sup>[3] <\/sup><\/a><span style=\"font-weight: 400;\">Unlike the <\/span><span style=\"font-weight: 400;\">aforementioned<\/span><span style=\"font-weight: 400;\"> groups, Native Americans were driven from their lands that were settled by these various European ethnic groupings who were or became \u201cWhite.\u201d With much lower income, levels of education, and higher rates of poverty, Native Americans generally have lower household wealth and continue to face exclusion and barriers from the financial system. <\/span><\/p><p>The history of African Americans in the US is distinct from these other groups. The poverty and disadvantage faced by African Americans are deeply and irrevocably linked to the history of slavery, and were then compounded by Jim Crow segregation and other forms of legal and illegal discrimination. These discriminatory practices were intentional efforts to maintain a racial hierarchy, contributing to the persistent racial wealth gap this report examines.<a href=\"#_ftn4\" name=\"_ftnref4\"><sup>[4]<\/sup><\/a> This wealth gap, marked by the disparity in net assets held by non-Hispanic White households compared to Black and Hispanic households, undermines the economic security of individuals and weakens our\u00a0economy as a whole. The insecurity represented in data on the wealth gap also actively enforces that gap, perpetuating the concentration of wealth within the expanded concept of White America.<a href=\"#_ftn5\" name=\"_ftnref5\"><sup>[5]<\/sup><\/a><\/p><p>Those on the wrong side of the racialized wealth gap do not only live materially worse lives when times are steady. The gap also limits the economic \u201ccushion\u201d protecting their households during difficult financial times. The racial wealth gap restricts the educational,<a href=\"#_ftn6\" name=\"_ftnref6\"><sup>[6]<\/sup><\/a> employment and business opportunities of Black and Hispanic households,<a href=\"#_ftn7\" name=\"_ftnref7\"><sup>[7]<\/sup><\/a> impacting their well-being and putting a brake on our economic development as a society. The racial wealth gap must be addressed as a matter of equity in the movement toward a just economy.<\/p><p>The historical factors contributing to the racial wealth gap are well documented. One driver, racial discrimination, is multifaceted and some of the ways in which it manifests itself include discriminatory lending practices,<a href=\"#_ftn8\" name=\"_ftnref8\"><sup>[8]<\/sup><\/a>\u00a0residential segregation<a href=\"#_ftn9\" name=\"_ftnref9\"><sup>[9]<\/sup><\/a> and labor market discrimination. Differences in income, culminating in the income gap, are another factor.<a href=\"#_ftn10\" name=\"_ftnref10\"><sup>[10]<\/sup><\/a> Finally, intergenerational transfers are also a driver of the racial wealth gap.<a href=\"#_ftn11\" name=\"_ftnref11\"><sup>[11]<\/sup><\/a> Since Black and Hispanic households hold less wealth, there are fewer assets to pass down to family members compounding the racial wealth gap across generations.<a href=\"#_ftn12\" name=\"_ftnref12\"><sup>[12]<\/sup><\/a><\/p><p>Tracking the persistent wealth gap between Black, Hispanic and White households is challenging due to the complexity of asset holdings and the need for consistent methods of analysis. This report uses new data<a href=\"#_ftn13\" name=\"_ftnref13\"><sup>[13]<\/sup><\/a> from the Survey of Consumer Finances (SCF) to closely examine the racial wealth gap- with the difference in the assets owned such as homes, businesses, money or other valuables, between Black, Hispanic and White families in America between 1992 and 2022.<\/p><p>The Federal Reserve Board\u2019s triennial SCF is one of the most comprehensive and consistent sources of wealth data. It provides insights into the kinds of assets and debts households hold and how the distribution of wealth has changed over time. Using the SCF we will look at how the balance sheets of households both differ by race, the prevalence of asset poverty and the relationship between homeownership and the racial wealth gap.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20687f5 elementor-widget elementor-widget-menu-anchor\" data-id=\"20687f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"overview\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8fb2457 elementor-widget elementor-widget-heading\" data-id=\"8fb2457\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">An Overview of the Racial Wealth Gap<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7860794 elementor-widget elementor-widget-menu-anchor\" data-id=\"7860794\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"fig01\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4213b98 elementor-widget elementor-widget-html\" data-id=\"4213b98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Household Wealth by Race 1992 to 2022\" aria-label=\"Interactive area chart\" id=\"datawrapper-chart-kG8iW\" src=\"https:\/\/datawrapper.dwcdn.net\/kG8iW\/3\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"723\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ea52d8 elementor-widget elementor-widget-text-editor\" data-id=\"7ea52d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Figure 1<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-925bf49 elementor-widget elementor-widget-text-editor\" data-id=\"925bf49\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The latest SCF data shows that the racial wealth gap remains a fixture of our society.<\/p>\n<p>In 2022, the median White household held $284,310 in wealth,<a href=\"#_ftn14\" name=\"_ftnref14\"><sup>[14]<\/sup><\/a>&nbsp;more than six times that of the median Black household at $44,100 and 4 times that of Hispanic households at $62,120. Black households have a wealth gap of 85% compared to White households, and Hispanic households have a wealth gap of 78%.<\/p>\n<p>To understand the magnitude of the racial wealth gap consider this: The wealthiest 80% of Black and Hispanic households own less wealth than the median White household. On the flip side, a White household at the 25th percentile mark (meaning if 100 White households are lined up based on net worth, 24 have less in wealth than them) has $64,561 in net worth. That is still more than the median Black and Hispanic household ($44,100 and $62,120). Juxtapose this with the fact that at the 25th percentile mark, Black and Hispanic households have $1,850 and $9,450, respectively, and you get a better understanding of the scale of the racial wealth gap.<\/p>\n<p>While household wealth has grown since the pandemic, the wealth gap has stubbornly remained. In 2019, the median wealth for White households was $219,206, while Black households had $27,937 and Hispanic households had $41,789. At that time, Black households faced an 87% wealth gap, and Hispanic households faced an 81% wealth gap compared to White households.<\/p>\n<p>Hispanic households are narrowing their gap to White households, but Black households are not. Way back in 1992, the Hispanic-White median wealth gap was 90% \u2013 and while a 9 percentage point narrowing in 30 years is hardly a sufficient rate of progress, that shift is positively eye-popping compared to the Black wealth experience over the same timeframe. The Black-White median wealth gap was 86% in 1992, and 85% in 2022.<\/p>\n<p>This persistent disparity underscores deep-rooted economic inequalities that not only harm America&nbsp;as a whole but&nbsp;also devastate Black and Hispanic communities.<\/p>\n<p>The wealth of Black and Hispanic households has also become less diversified in recent years. Families of color are more dependent on homeownership. In 2013, the percentage of Black and Hispanic wealth tied to home equity was 33% and 37%, respectively. In 2022, Black and Hispanic households derived 44% and 45% of their wealth from home equity. However, for White&nbsp;households&nbsp;home equity accounts for about 19% in net worth in 2022, roughly the same percentage as it did in 2013.<\/p>\n<p>The concentration of Black and Hispanic wealth in home equity in 2022 is historically unprecedented. Each group was far less reliant on their homes for wealth in 1992, when 38% and 33% of the Black and Hispanic wealth was tied to home equity. Even in 2007, right at the peak of the housing bubble, the percentage was between 39%-40% for both groups. Contrasting this with the fact that home equity rarely accounted for more than 25% of White household wealth underscores the need to diversify POC wealth. While homeownership is one of the best ways for the typical American to build wealth, the concentration of wealth in home equity can make households more susceptible to economic shocks.<a href=\"#_ftn15\" name=\"_ftnref15\"><sup>[15]<\/sup><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16bc0c7 elementor-widget elementor-widget-menu-anchor\" data-id=\"16bc0c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"fig02\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c90d22c elementor-widget elementor-widget-html\" data-id=\"c90d22c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Composition of Median Household Balance Sheet by Race, 2022\" aria-label=\"Table\" id=\"datawrapper-chart-shzAG\" src=\"https:\/\/datawrapper.dwcdn.net\/shzAG\/10\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"649\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a055fa elementor-widget elementor-widget-text-editor\" data-id=\"5a055fa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Figure 2<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-477e1bc elementor-widget elementor-widget-menu-anchor\" data-id=\"477e1bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"fig03\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6736e47 elementor-widget elementor-widget-html\" data-id=\"6736e47\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Composition of Net Worth by Race 2022\" aria-label=\"Stacked Columns\" id=\"datawrapper-chart-QXe3N\" src=\"https:\/\/datawrapper.dwcdn.net\/QXe3N\/4\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"400\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eeffb6c elementor-widget elementor-widget-text-editor\" data-id=\"eeffb6c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Figure 3<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15b6dcf elementor-widget elementor-widget-menu-anchor\" data-id=\"15b6dcf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"fig04\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b52a704 elementor-widget elementor-widget-html\" data-id=\"b52a704\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"What Powered the Changing Wealth Figures in 2022?\" aria-label=\"Multiple Pies\" id=\"datawrapper-chart-yw0aY\" src=\"https:\/\/datawrapper.dwcdn.net\/yw0aY\/11\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"411\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a2dc0e elementor-widget elementor-widget-text-editor\" data-id=\"7a2dc0e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Figure 4<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ad99a6 elementor-widget elementor-widget-text-editor\" data-id=\"8ad99a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>This dependence on home equity is even more pronounced when looking at which assets contributed to net wealth gains. From 2013 to 2022, housing equity alone accounts for more than two-thirds of the net change in both Black and Hispanic median wealth. For White households, increasing home equity only made up 25% of the gain in wealth.<\/p><p>These numbers also suggest that the rise in median Black wealth is primarily due to rising home prices over that time \u2013 a large benefit accruing to a small share of Black people \u2013 rather than indicative of a broadening of opportunity for Black America writ large. More than 90% of total Black wealth gains went to the 46% of Black households who own a home. This means the recent, sudden three-year spike in home equity for Black homeowners \u2013 an almost 60% rise from 2019 to 2022 \u2013 went to less than half of Black households.<\/p><p>Undiversified assets present a problem for minority households\u2019 accumulation of wealth. White households\u2019 net wealth gains from 2019 to 2022 were evenly distributed across increases in home equity, business assets and retirement assets. This diversification in sources is largely absent for Black and Hispanic households. For Black households, business assets (20.8%) and vehicles (17.6%) were the second and third largest contributors to changes in net worth. For Hispanic households, retirement (16.5%) and business assets (15.3%) were the second and third largest contributors to wealth gains.<\/p><p>This lack of diversification has been a long-term problem for Black and Hispanic households. From 1992 to 2022, nearly half of the total increase in Black and Hispanic wealth came from home equity alone. Nearly 80% of it came from home equity and retirement holdings combined. While a retirement account and a paid-off home are the basis of the \u2018American Dream\u2019 of retirement,\u00a0similarly\u00a0situated White households are more diversified in their wealth \u2013 and have been throughout our three-decade period of analysis. This leaves Black and Hispanic households at a disadvantage regarding emergencies and repairs.<\/p><p>The median value of stock holdings (counted as holdings separate from retirement accounts) dropped for all groups from 2019 to 2022, but the falloff was especially dramatic for Black and Hispanic American households, falling 64% and 65%, while decreasing 42% for White households. These declines can partially be attributed to the simultaneous increases in new households acquiring stocks, albeit in lower amounts. The combination of pandemic stimulus, social isolation and the proliferation of micro-trading apps led to more households owning stock than ever.<a href=\"#_ftn16\" name=\"_ftnref16\"><sup>[16]<\/sup><\/a> There was a 96% and 85% increase in the number of Black and Hispanic households, respectively, holding stocks, but overall low levels of ownership and financial returns from stock-linked assets <span style=\"font-weight: 400;\">made a negligible contribution to wealth gains for the two minority groups<\/span>.<a href=\"#_ftn17\" name=\"_ftnref17\"><sup>[17]<\/sup><\/a>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6cd40ce elementor-widget elementor-widget-menu-anchor\" data-id=\"6cd40ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Wealth\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48dbf95 elementor-widget elementor-widget-heading\" data-id=\"48dbf95\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Wealth, Homeownership and the Racial Wealth Gap<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0fe30d6 elementor-widget elementor-widget-menu-anchor\" data-id=\"0fe30d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"fig05\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04247c0 elementor-widget elementor-widget-html\" data-id=\"04247c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Black\/White Homeownership Gap 1900-2023\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-EJQj1\" src=\"https:\/\/datawrapper.dwcdn.net\/EJQj1\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"492\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d871d71 elementor-widget elementor-widget-text-editor\" data-id=\"d871d71\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Figure 5<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9f8d91 elementor-widget elementor-widget-text-editor\" data-id=\"e9f8d91\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Black and Hispanic homebuyers have lower incomes and less cash to spend on homes. That makes it harder to pay closing costs, and often forces those who can buy at all to purchase homes worth less than those purchased by White homebuyers. That fundamentally dimmer value proposition is compounded at closing: Black and Hispanic homebuyers pay more in closing costs both in raw dollars and as a percentage of their incomes.<\/p><p>This situation severely limits the potential of homeownership to close the racial wealth gap: Because\u00a0non-White\u00a0homebuyers are more leveraged on less value, the overall wealth effects of ownership are less efficient. Homeownership is often talked about as a key \u201cgrowth engine,\u201d but in that metaphor, White homebuyers are driving a finely tuned sports car while others ride mopeds.<\/p><p>Even when Black and Hispanic families achieve homeownership, they do not experience the same return on investment as White families. This disparity stems from various factors, including appraisal bias and systemic racism in the real estate industry.<a href=\"#_ftn18\" name=\"_ftnref18\"><sup>[18]<\/sup><\/a>\u00a0Appraisal bias can manifest as direct racism, where appraisers undervalue homes based on the owner&#8217;s race or the racial composition of the community.<a href=\"#_ftn19\" name=\"_ftnref19\"><sup>[19]<\/sup><\/a> This practice dates back to the 1930s with the Home Owner\u2019s Loan Corporation (HOLC) and continued with the Federal Housing Administration (FHA), perpetuating residential segregation and devaluing homes in redlined communities.<a href=\"#_ftn20\" name=\"_ftnref20\"><sup>[20]<\/sup><\/a><\/p><p>Appraisal bias can also be a symptom of segregation. Automated valuation models (AVMs) use algorithms that look at nearby homes to judge the value of your home. If you live in a neighborhood that was historically denied access to mortgages, your home value will reflect that. AVMs are used by your local property appraiser, but commercial versions (like Zillow\u2019s\u00a0<a href=\"https:\/\/www.zillow.com\/z\/zestimate\/\" target=\"_blank\" rel=\"noopener\">\u2018Zestimate\u2019<\/a>) also use a version of this method. As Artificial Intelligence (AI) is incorporated into these tools there is both a threat and an opportunity. AI can be trained to recognize the impact of redlining and segregation and address it fairly, but only if we are first aware of the impact of existing segregation and bias on homes and wealth.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da83fc5 elementor-widget elementor-widget-image\" data-id=\"da83fc5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/ncrc.org\/wp-content\/uploads\/2024\/10\/Wealth-collage-v1.jpg\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox-title=\"Wealth collage v1\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJpZCI6MjI0ODYwLCJ1cmwiOiJodHRwczpcL1wvbmNyYy5vcmdcL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMjRcLzEwXC9XZWFsdGgtY29sbGFnZS12MS5qcGcifQ%3D%3D\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"621\" src=\"https:\/\/ncrc.org\/wp-content\/uploads\/2024\/10\/Wealth-collage-v1-1024x621.jpg\" class=\"attachment-large size-large wp-image-224860\" alt=\"HOLC Map and examiner sheet\" srcset=\"https:\/\/ncrc.org\/wp-content\/uploads\/2024\/10\/Wealth-collage-v1-1024x621.jpg 1024w, https:\/\/ncrc.org\/wp-content\/uploads\/2024\/10\/Wealth-collage-v1-300x182.jpg 300w, https:\/\/ncrc.org\/wp-content\/uploads\/2024\/10\/Wealth-collage-v1-768x465.jpg 768w, https:\/\/ncrc.org\/wp-content\/uploads\/2024\/10\/Wealth-collage-v1-1536x931.jpg 1536w, https:\/\/ncrc.org\/wp-content\/uploads\/2024\/10\/Wealth-collage-v1.jpg 1689w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bbd039d elementor-widget elementor-widget-text-editor\" data-id=\"bbd039d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Steering and outright racism by real estate agents and homeowners, including discouragement at the start of the mortgage application process and showing homes in segregated areas, remain pervasive in the industry.<a href=\"#_ftn21\" name=\"_ftnref21\"><sup>[21]<\/sup><\/a>\u00a0Consequently, Black and Hispanic families report lower home values compared to White buyers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e347cfd elementor-widget elementor-widget-menu-anchor\" data-id=\"e347cfd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"fig06\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7804dc1 elementor-widget elementor-widget-html\" data-id=\"7804dc1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"The White Homeownership Advantage\" aria-label=\"Table\" id=\"datawrapper-chart-xrc4C\" src=\"https:\/\/datawrapper.dwcdn.net\/xrc4C\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"343\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8ed2b4 elementor-widget elementor-widget-text-editor\" data-id=\"d8ed2b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Figure 6<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-572b8f5 elementor-widget elementor-widget-text-editor\" data-id=\"572b8f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In 2023 the average White buyer purchased an asset worth over $450,000. At closing they had over $130,000 in equity, or wealth that they could then invest in other ways. While Black and Hispanic homeowners can do likewise with their starting equity, they have far less of it \u2013 and what they do have at closing is tied to a home that is worth less.<\/p><p>The racial differential in how effectively homeownership translates into long-term wealth is a longstanding concern for policymakers and advocates interested in closing the racial wealth gap. It should be even more alarming given the SCF data discussed above showing that Black and Hispanic wealth gains are overwhelmingly concentrated in home equity.<\/p><p>Thus, we face two challenges: increasing homeownership among Black and Hispanic communities and diversifying their asset holdings.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e6b6f1c elementor-widget elementor-widget-menu-anchor\" data-id=\"e6b6f1c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Liquid\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45c8e2f elementor-widget elementor-widget-heading\" data-id=\"45c8e2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Liquid Assets, Financial Resources and Marketable Wealth<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ec40f4f elementor-widget elementor-widget-text-editor\" data-id=\"ec40f4f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In economics textbooks, wealth is just the difference between assets and liabilities. In real life, it is also what determines a household\u2019s ability to cover unexpected expenses \u2013 and not all types of wealth are equivalent for surviving emergencies. To better understand what resources are available to families we look at wealth using three different combinations of assets. In order from least to most restrictive, the three measures we use are marketable wealth, financial resources and liquid assets.<\/p><p>The first two of our clusters \u2013 \u201cnon-depreciating wealth\u201d and \u201cfinancial resources\u201d \u2013 are different definitions of net worth. The third cluster is \u201cliquid assets.\u201d Each of the three aims to better capture the real-world scenarios involved in dealing with\u00a0unexpected emergency\u00a0expenses.<\/p><p><em>Non-depreciating wealth<\/em>\u00a0is net worth minus vehicles and is designed to capture wealth that does not decline in value over time. Because vehicle values decline the\u00a0more\u00a0they are driven (they depreciate over time), capturing non-depreciating assets would provide a more realistic picture of wealth than net worth overall. Black, and to a lesser extent Hispanic, households have grown more reliant on vehicles to boost wealth.<\/p><p>Black median marketable wealth is about 58% of overall Black median net worth, a low ratio that emphasizes how tightly Black household net worth is tied to vehicles. White median marketable wealth is 88% of overall White median net worth.<\/p><p>It is further worrying that vehicles contributed close to 18% of Black households\u2019 wealth gains from 2019 to 2022. Those gains are unlikely to be sustainable if they rely on depreciating assets, rather than on increasing homeownership and other drivers of non-depreciating wealth.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-24dab5e elementor-widget elementor-widget-menu-anchor\" data-id=\"24dab5e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"fig07\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9aedcee elementor-widget elementor-widget-html\" data-id=\"9aedcee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Non-Depreciating Wealth\" aria-label=\"Interactive area chart\" id=\"datawrapper-chart-thn9K\" src=\"https:\/\/datawrapper.dwcdn.net\/thn9K\/19\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"479\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08e7c39 elementor-widget elementor-widget-text-editor\" data-id=\"08e7c39\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Figure 7<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a09485 elementor-widget elementor-widget-text-editor\" data-id=\"8a09485\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The next measure,\u00a0<em>financial resources,<\/em>\u00a0is net worth minus vehicles\u00a0<em>and<\/em>\u00a0home equity. Because selling one\u2019s home or vehicle incurs significant lifestyle changes, this definition of net worth is designed to capture all resources that are available for emergency use without diminishing one&#8217;s standard of living. There&#8217;s a 99% gap in\u00a0<em>financial resources<\/em>\u00a0between Black and Hispanic and White households, higher than the overall racial wealth gap.<\/p><p>At just $670 and $400, respectively, financial resources for Black and Hispanic households are minuscule compared to the $73,200 White households held in 2022. Even worse, these paltry sums are\u00a0<em>down<\/em> from 2019 for Black and Hispanic households. This decline is due, in part, to (1) the outsized role housing plays in Black wealth and (2) the temporary and synthetic increase in vehicle values as <a href=\"https:\/\/www.usatoday.com\/story\/money\/cars\/2022\/02\/13\/used-cars-cost-more\/6778705001\/\" target=\"_blank\" rel=\"noopener\">car prices soared<\/a>\u00a0during the pandemic. Home equity and vehicles accounted for 86% of the growth in Black household net worth between 2019 and 2022. Like marketable wealth, the decline in financial resources highlights the shaky foundations of Black and Hispanic wealth and the necessity of diversification.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1176902 elementor-widget elementor-widget-menu-anchor\" data-id=\"1176902\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"fig08\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6d9160 elementor-widget elementor-widget-html\" data-id=\"b6d9160\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Financial Resources are Non-Existent for Black and Hispanic Households\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-6rU6o\" src=\"https:\/\/datawrapper.dwcdn.net\/6rU6o\/13\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"577\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a3c03c elementor-widget elementor-widget-text-editor\" data-id=\"8a3c03c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Figure 8<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a471647 elementor-widget elementor-widget-text-editor\" data-id=\"a471647\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Finally,\u00a0<em>liquid assets<\/em>\u00a0are the readily available money that the family can spend when they need it. This means cash, either in physical form or in a checking or savings account. This is the\u00a0first place\u00a0people turn to when they need to pay an unexpected bill or cover an unplanned cost. Without sufficient liquid funds available, families are highly vulnerable to predatory and\/or value-stripping sources of quick cash such as payday lenders, car title companies and even housing cash buyers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6e4c2e2 elementor-widget elementor-widget-menu-anchor\" data-id=\"6e4c2e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"fig09\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-06cb7c1 elementor-widget elementor-widget-html\" data-id=\"06cb7c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<iframe title=\"Liquid Asset Poverty by Race 1992 to 2022\" aria-label=\"Grouped Columns\" id=\"datawrapper-chart-3ijyA\" src=\"https:\/\/datawrapper.dwcdn.net\/3ijyA\/9\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"662\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2169e7 elementor-widget elementor-widget-text-editor\" data-id=\"d2169e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Figure 9<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f06fdba elementor-widget elementor-widget-text-editor\" data-id=\"f06fdba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Liquid asset poverty<\/em>\u00a0is the inability of a household to subsist entirely on liquid assets at the federal poverty level for three months without an income. We use the checking and savings account balances of households in SCF to calculate liquid asset poverty.<a href=\"#_ftn22\" name=\"_ftnref22\"><sup>[22]<\/sup><\/a><\/p><p>Liquid asset poverty has been on the decline over the last\u00a0decade, yet\u00a0remains pervasive among Black and Hispanic households. In 2022, over two-thirds were liquid asset-poor. This means that two-thirds of Black and Hispanic households, or roughly 70 million people, do not have enough money in their checking and savings accounts to live even a subsistence lifestyle for three months. Furthermore, 30% and 35% of Black and Hispanic households reported less than $1,000 in liquid assets, compared to 11% of White households.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60121cb elementor-widget elementor-widget-menu-anchor\" data-id=\"60121cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Increase\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-281b764 elementor-widget elementor-widget-heading\" data-id=\"281b764\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Increase Homeownership and Diversify Assets to Close the Racial Wealth Gap<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd3c7e8 elementor-widget elementor-widget-text-editor\" data-id=\"fd3c7e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Nearly 160 years after the end of chattel slavery, the racial wealth gap remains massive. At least as alarming, however, is that it remains so\u00a0<em>durably<\/em>\u00a0massive even six decades after Black people obtained the full rights of citizenship. These are not only policy failures but a colossal societal failure.<\/p><p>On our current trajectory, it would take at least five centuries to close the Black-White wealth divide<a href=\"#_ftn23\" name=\"_ftnref23\"><sup>[23]<\/sup><\/a> \u2013\u00a0\u00a0more than twice as long as the United States of America has existed. Efforts to address the racial wealth gap will have to confront the many centuries of enslavement and disenfranchisement that produced it. One measure should of course be to increase the homeownership rate of Black and Hispanic households, because the home is typically the most valuable asset a family owns.<\/p><p>But this report also highlights that the size of the racial wealth gap varies depending on the kinds of assets that count as a part of wealth. Whether we include all assets, only non-depreciating assets, or just liquid assets, the gap remains \u2013 and indeed worsens the further away from homeownership the measuring technique shifts.<\/p><p>This suggests a second policy conclusion beyond NCRC\u2019s longstanding advocacy for\u00a0<a href=\"https:\/\/ncrc.org\/60-black-homeownership-a-radical-goal-for-black-wealth-development\/\">efforts to boost homeownership for people of color<\/a>. Local and national leaders must also work to simultaneously diversify the asset holdings of Black and Hispanic households.<\/p><p>Owning a home is fantastic. Yet the dependence on home equity to boost wealth comes with significant drawbacks. It is partly why the late-2000s crash\u00a0<a href=\"http:\/\/bridgeproject.com\/research\/divorced-from-reality-the-rights-alternate-history-of-the-financial-crisis\/\" target=\"_blank\" rel=\"noopener\">brought on by\u00a0 deregulated Wall Street\u2019s casino-like misconduct<\/a>\u00a0was more financially debilitating for Black and Hispanic households than White households,<a href=\"#_ftn24\" name=\"_ftnref24\"><sup>[24]<\/sup><\/a>\u00a0despite White households being much more likely to own homes during a crisis centered in the housing market.<\/p><p>The lack of affordable housing supply is a significant factor contributing to the racial homeownership gap in the United States. Reports from various initiatives highlight this issue in Washington, Oregon and the District of Columbia.\u00a0<a href=\"https:\/\/www.commerce.wa.gov\/wp-content\/uploads\/2022\/09\/Homeownership-Disparities-Recommendations-Report-FINAL-Sep2022.pdf\" target=\"_blank\" rel=\"noopener\">The Washington State Homeownership Disparities Work Group&#8217;s<\/a> report indicated that over 140,000 homes need to be purchased by Black, Indigenous and people of color (BIPOC) to achieve homeownership parity with White households in the state. This gap is attributed to systemic barriers such as discriminatory policies, limited access to credit and the scarcity of affordable housing options. The report offered 27 recommendations to address these disparities, including increasing state funding for affordable homeownership programs, providing technical assistance to municipalities and expanding debt mediation and credit repair programs.<\/p><p>Similarly, the\u00a0<a href=\"https:\/\/drive.google.com\/file\/d\/1hT9_C5IMODRiFzn4pykjSCoY2obkyavH\/view\" target=\"_blank\" rel=\"noopener\">Oregon Task Force on Addressing Racial Disparities in Home Ownership<\/a> emphasized the need for comprehensive strategies to improve homeownership rates among BIPOC communities. Recommendations from these initiatives focus on policy revisions, financial assistance and targeted outreach to ensure equitable access to homeownership.<\/p><p>The\u00a0<a href=\"https:\/\/www.housingconsortium.org\/bipoc-homeownership\/\" target=\"_blank\" rel=\"noopener\">Seattle Housing Development Consortium&#8217;s Black Homeownership Initiative<\/a>\u00a0also works towards increasing Black homeownership through community-driven solutions and policy advocacy. These coordinated efforts reflect a growing recognition of the need to dismantle the historical and systemic barriers that have long prevented equitable access to homeownership for marginalized communities.<\/p><p>The\u00a0<a href=\"https:\/\/mayor.dc.gov\/release\/mayor-bowser-announces-new-goal-increase-black-homeownership-20000-homeowners-2030\" target=\"_blank\" rel=\"noopener\">District of Columbia\u2019s Black Homeownership Strike Force<\/a>\u00a0was tasked with making recommendations to the Mayor on how to use a $10 million Black Homeownership Fund designed to increase Black Homeownership by 20,000 homeowners by 2030. They gave recommendations on how to boost homeownership and keep new homeowners in their homes.<\/p><p>The DC task force echoed some of the suggestions out of Washington state, such as increasing the housing supply by introducing legislation to curb housing speculation, redevelop District-owned properties and make them available for low-income homebuyers, and soften zoning and permitting requirements. To keep Black homebuyers in their homes, they suggest providing estate planning and legal services and home repair assistance<\/p><p>One of the common recommendations shared by the different task forces was to utilize\u00a0<a href=\"https:\/\/www.urban.org\/urban-wire\/how-place-based-special-purpose-credit-programs-can-reduce-racial-homeownership-gap\" target=\"_blank\" rel=\"noopener\">special purpose credit programs (SPCPs)<\/a>. These allow banks to extend credit to disadvantaged borrowers on favorable terms. The\u00a0<a href=\"https:\/\/www.justice.gov\/crt\/equal-credit-opportunity-act-3\" target=\"_blank\" rel=\"noopener\">Equal Credit Opportunity Act<\/a>\u00a0(ECOA), which prohibits creditors from discriminating against credit applicants, has a provision allowing SPCPs. To meet the requirements of ECOA creditors must, among other requirements, show that the SPCP will benefit a class of people that would not receive credit, or pay too much for it, under traditional credit standards.<\/p><p>In 2020 the\u00a0<a href=\"https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_advisory-opinion_special-purpose-credit-program_2020-12.pdf\" target=\"_blank\" rel=\"noopener\">Consumer Financial Protection Bureau recommended<\/a>\u00a0lenders use a wide range of data and research to analyze whether an SPCP meets its eligibility requirements. The interpretative rule (IR) specifically cites HMDA as a potential data source. Because the IR states that lenders can utilize historical data,\u00a0<a href=\"https:\/\/www.prrac.org\/pdf\/ficklin-nier-racial-justice-in-housing-finance-series-article-2022.pdf\" target=\"_blank\" rel=\"noopener\">they could use the HOLC redlining maps to connect historically redlined neighborhoods with current HMDA data to argue that there is a need that meets the CFPB\u2019s requirements<\/a>.<\/p><p>These and other valuable initiatives could help chip away at the homeownership gap. But if non-White families are also going to escape the diversification trap detailed above, policymakers and business leaders need to widen their gaze: Wealth-building requires a stable, and ideally rising, income.<\/p><p>Here policies such as <a href=\"https:\/\/www.theguardian.com\/society\/article\/2024\/jul\/14\/money-for-nothing-is-universal-basic-income-about-to-transform-society\" target=\"_blank\" rel=\"noopener\">universal basic income<\/a>, universal jobs programs and the revitalization of labor unions can provide an anchor for households that cannot currently afford to amass assets, let alone figure out how to diversify those holdings. <a href=\"https:\/\/ncrc.org\/connecticut-baby-bonds-the-beginning-of-bridging-the-racial-wealth-divide\/\">Baby <\/a><a href=\"https:\/\/ncrc.org\/connecticut-baby-bonds-the-beginning-of-bridging-the-racial-wealth-divide\/\">bonds<\/a>, <a href=\"https:\/\/www.urban.org\/sites\/default\/files\/2023-09\/What%20Do%20We%20Know%20About%20Baby%20Bonds.pdf\" target=\"_blank\" rel=\"noopener\">first laid out in 2010<\/a> by a pair of veteran researchers, are publicly funded child trust accounts to later be used in adulthood for wealth-building activities such as purchasing a home or starting a business.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc5330f elementor-widget elementor-widget-menu-anchor\" data-id=\"fc5330f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Reparations\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8c5715 elementor-widget elementor-widget-heading\" data-id=\"e8c5715\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Reparations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-823f7da elementor-widget elementor-widget-text-editor\" data-id=\"823f7da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Today\u2019s Black-White racial wealth gap is part of the legacy of America\u2019s original sin: the institution of chattel slavery. It took the triumph of the Union Army, by then a liberating force, to overthrow slavery and make possible what we have come to call \u201840 acres and a mule,\u2019 or reparations.<\/p><p style=\"font-weight: 400;\">Reconstruction, the period following the end of Civil War, was intended to redress the wrongs of slavery, reorganize the Southern economy and assimilate millions of freed people. Reconstruction authorities sought to seize the land of former Confederate leaders and seditious slave owners and resettle freedmen, poor Whites and their families. These efforts failed \u2013 and\u00a0<a href=\"https:\/\/www.washingtonpost.com\/opinions\/2024\/02\/22\/pay-back-freedmans-bank-depositors\/\" target=\"_blank\" rel=\"noopener\">other grand Reconstruction-era promises made to former slaves and their descendants<\/a>\u00a0came to nothing as well. That failure and the eventual overthrow of Reconstruction marked the last major effort to implement reparations\u2013 until today.<\/p><p style=\"font-weight: 400;\">In recent years, several localities have implemented\u00a0<a href=\"https:\/\/civilrights.org\/blog\/juneteenth-reflections-revisiting-reparations\/\" target=\"_blank\" rel=\"noopener\">some form of cash reparations<\/a>\u00a0for descendants of slaves. Thus far this policy solution remains both the most forward-thinking of solutions to the racial wealth gap, and vexing for the country to implement. Reparations should not just be viewed as a way to address past harms but should be\u00a0<a href=\"https:\/\/www.opendemocracy.net\/en\/oureconomy\/earth-day-olufemi-taiwo-reparations-global-racial-climate-justice\/\" target=\"_blank\" rel=\"noopener\">linked to constructing a new democratic order for the future<\/a>, that tackles issues of racial economic inequality alongside sister issues of climate change which disproportionately harm communities of color.<\/p><p style=\"font-weight: 400;\">Local, state and federal leaders may land on different mixtures of the above policies as they work to address the racial wealth gap. But whatever pieces of the picture they might pick up or leave aside, one thing is clear: What we have been doing until now is not working. From Rodney King\u2019s beating to George Floyd\u2019s murder, three decades of public policy and private business practice have made essentially no dent in the problem.<\/p><p style=\"font-weight: 400;\">Thoughtful institutions may come to entirely different, wholly reasonable conclusions about which combination of reparations, baby bonds, income supports, labor policies, and housing reforms are appropriate to their constituency.<\/p><p style=\"font-weight: 400;\">The one thing that is not reasonable is settling for more of the same.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a7a287 elementor-widget elementor-widget-menu-anchor\" data-id=\"0a7a287\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"References\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ae514cf elementor-widget elementor-widget-heading\" data-id=\"ae514cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">References<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e88c399 elementor-widget elementor-widget-text-editor\" data-id=\"e88c399\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"#_ftn15\" name=\"_ftnref15\"><\/a><\/p><p>Aliprantis, D., Carroll, D., &amp; Young, E. R. (2022). The Dynamics of the Racial Wealth Gap. Working Paper No. 19-18R. Federal Reserve Bank of Cleveland.<\/p><p>Derenoncourt, E., Kim, C. H., Kuhn, M., &amp;\u00a0Schularick, M. (2023). Changes in the Distribution of Black and White Wealth since the US Civil War<em>. Journal of Economic Perspectives<\/em>, 37 (4): 71-90.<\/p><p>Grinstein-Weiss, M., Key, C., &amp; Carrillo, S. (2015). Homeownership, the great recession, and wealth: Evidence from the survey of consumer finances.\u00a0<em>Housing Policy Debate<\/em>, 25(3), 419-445.<\/p><p>Levine, P. B., &amp; Ritter, D. (2024). The racial wealth gap, financial aid, and college access.\u00a0<em>Journal of Policy Analysis and Management<\/em>, 43(2), 555-581<\/p><p>Lin, K. H., &amp; Dominguez, G. (2023). The Rising Importance of Stock-Linked Assets in the Black\u2013White Wealth Gap.\u00a0<em>Demography<\/em>,\u00a0<em>60<\/em>(6), 1877-1901.<\/p><p>McKernan S. M., Ratcliffe, C., Simms, M., &amp; Zhang, S. (2014). Do racial disparities in private transfers help explain the racial wealth gap? New evidence from longitudinal data.\u00a0<em>Demography<\/em>,\u00a0<em>51<\/em>(3), 949-974.<\/p><p>Ray, R. et al., 2021. Homeownership, racial segregation, and policy solutions to racial wealth equity, Brookings Institution. United States of America<\/p><p>Pantin, P., &amp;\u00a0Lynnise, E. (2017).\u00a0<em>T<\/em>he wealth gap and the racial disparities in the startup ecosystem.\u00a0<em>Louis ULJ<\/em>, 62, 419<\/p><p>Pfeffer, F. T., &amp;\u00a0Killewald, A. (2019).<em>\u00a0<\/em>Intergenerational Wealth Mobility and Racial Inequality. Socius, 5.<\/p><p>Quillian, L., Lee, J. J., &amp; Honor\u00e9, B. (2020). Racial discrimination in the US housing and mortgage lending markets: a quantitative review of trends, 1976\u20132016.\u00a0<em>Race and Social Problems<\/em>,\u00a0<em>12<\/em>, 13-28.<\/p><p>Wolff, E. N. (2021). Household wealth trends in the United States, 1962 to 2019: Median wealth rebounds&#8230; but not enough. National Bureau of Economic Research.<\/p><p>\u00a0<\/p><p><a href=\"#_ftnref1\" name=\"_ftn1\"><sup>[1]<\/sup><\/a><sup>\u00a0Amsden, David. &#8220;A Peculiar Institution.&#8221; The New York Times Magazine, 1 Mar. 2015<\/sup><\/p><p><a href=\"#_ftnref2\" name=\"_ftn2\"><sup>[2]<\/sup><\/a><sup>\u00a0Ignatiev, N. (2012). How the Irish became white. Routledge.<\/sup><\/p><p><a href=\"#_ftnref3\" name=\"_ftn3\"><sup>[3]<\/sup><\/a><sup>\u00a0Darity et al. (2018). What we get wrong about closing the racial wealth gap.\u00a0<em>Samuel DuBois Cook Center on Social Equity and Insight Center for Community Economic Development<\/em>, 1(1), 1-67.<\/sup><\/p><p><a href=\"#_ftnref4\" name=\"_ftn4\"><sup>[4]<\/sup><\/a><sup>\u00a0Derenoncourt, E., Kim, C. H., Kuhn, M., &amp; Schularick, M. (2023)<\/sup><\/p><p><a href=\"#_ftnref5\" name=\"_ftn5\"><sup>[5]<\/sup><\/a>\u00a0<a href=\"https:\/\/home.treasury.gov\/news\/featured-stories\/racial-differences-economic-security-racial-wealth-gap\" target=\"_blank\" rel=\"noopener\">https:\/\/home.treasury.gov\/news\/featured-stories\/racial-differences-economic-security-racial-wealth-gap<\/a><\/p><p><a href=\"#_ftnref6\" name=\"_ftn6\"><sup>[6]<\/sup><\/a><sup>\u00a0Levine, P. B., &amp; Ritter, D. (2024)<\/sup><\/p><p><a href=\"#_ftnref7\" name=\"_ftn7\"><sup>[7]<\/sup><\/a><sup>\u00a0Pantin, P., &amp; Lynnise, E. (2017)<\/sup><\/p><p><a href=\"#_ftnref8\" name=\"_ftn8\"><sup>[8]<\/sup><\/a><sup>\u00a0Quillian, L., Lee, J. J., &amp; Honor\u00e9, B. (2020)<\/sup><\/p><p><a href=\"#_ftnref9\" name=\"_ftn9\"><sup>[9]<\/sup><\/a><sup>\u00a0Ray, R. et al., 2021<\/sup><\/p><p><a href=\"#_ftnref10\" name=\"_ftn10\"><sup>[10]<\/sup><\/a><sup>\u00a0Aliprantis, Dionissi, Daniel R. Carroll, and Eric R. Young. 2022<\/sup><\/p><p><a href=\"#_ftnref11\" name=\"_ftn11\"><sup>[11]<\/sup><\/a><sup>\u00a0McKernan, S. M., Ratcliffe, C., Simms, M., &amp; Zhang, S. (2014). Do racial disparities in private transfers help explain the racial wealth gap? New evidence from longitudinal data. Demography, 51(3), 949-974.<\/sup><\/p><p><a href=\"#_ftnref12\" name=\"_ftn12\"><sup>[12]<\/sup><\/a><sup>\u00a0Pfeffer, F. T., &amp; Killewald, A. (2019)<\/sup><\/p><p><a href=\"#_ftnref13\" name=\"_ftn13\"><sup>[13]<\/sup><\/a><sup>\u00a0Data from 1992 to 2022 is presented here though the data starts in 1989<\/sup><\/p><p><a href=\"#_ftnref14\" name=\"_ftn14\"><sup>[14]<\/sup><\/a><sup>\u00a0Net worth is the total sum of assets minus liabilities. We use \u2018wealth\u2019 and net worth interchangeable unless noted.<\/sup><\/p><p><a href=\"#_ftnref15\" name=\"_ftn15\"><sup>[15]<\/sup><\/a><sup>\u00a0Grinstein-Weiss, M., Key, C., &amp; Carrillo, S. (2015). Homeownership, the great recession, and wealth: Evidence from the survey of consumer finances.\u00a0<em>Housing Policy Debate<\/em>,\u00a0<em>25<\/em>(3), 419-445.<\/sup>\u00a0<a href=\"https:\/\/www.stlouisfed.org\/-\/media\/project\/frbstl\/stlouisfed\/files\/pdfs\/hfs\/20130205\/papers\/grinsteinweiss_paper.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.stlouisfed.org\/-\/media\/project\/frbstl\/stlouisfed\/files\/pdfs\/hfs\/20130205\/papers\/grinsteinweiss_paper.pdf<\/a><\/p><p><a href=\"#_ftnref16\" name=\"_ftn16\"><sup>[16]<\/sup><\/a><sup>\u00a0https:\/\/www.wsj.com\/finance\/stocks\/stocks-americans-own-most-ever-9f6fd963<\/sup><\/p><p><a href=\"#_ftnref17\" name=\"_ftn17\"><sup>[17]<\/sup><\/a><sup>Lin, K. H., &amp; Dominguez, G. (2023). The Rising Importance of Stock-Linked Assets in the Black\u2013White Wealth Gap.\u00a0<em>Demography<\/em>, 60(6), 1877-1901.<\/sup><\/p><p><a href=\"#_ftnref18\" name=\"_ftn18\"><sup>[18]<\/sup><\/a><sup>\u00a0Squires, G. D., &amp; Goldstein, I. (2021). Property Valuation, Appraisals, and Racial Wealth Disparities.\u00a0<em>Poverty &amp; Race Research Action Council<\/em>, 2(30), 1-4.<\/sup><\/p><p><a href=\"#_ftnref19\" name=\"_ftn19\"><sup>[19]<\/sup><\/a><sup>\u00a0Lilien, Jake (2022). Faulty Foundations: Mystery-Shopper Testing In Home Appraisals Exposes Racial Bias Undermining Black Wealth.\u00a0<em>National Community Reinvestment Coalition<\/em><\/sup><\/p><p><a href=\"#_ftnref20\" name=\"_ftn20\"><sup>[20]<\/sup><\/a><sup>\u00a0For an overview of the HOLC redlining maps see: Mitchell B. &amp; Franco J (2018). OLC \u201cRedlining\u201d Maps: The Persistent Structure Of Segregation And Economic Inequality.\u00a0<em>National Community Reinvestment Coalition<\/em><\/sup><\/p><p><a href=\"#_ftnref21\" name=\"_ftn21\"><sup>[21]<\/sup><\/a><sup>\u00a0Hall, M., Timberlake, J. M., &amp; Johns-Wolfe, E. (2023). Racial Steering in U.S. Housing Markets: When, Where, and to Whom Does It Occur?\u00a0<em>Socius<\/em>, 9.<\/sup><\/p><p><a href=\"#_ftnref22\" name=\"_ftn22\"><sup>[22]<\/sup><\/a><sup>\u00a0The federal poverty level guidelines are issued by the HHS every year and are used to determine eligibility of certain income-based public programs. The federal poverty level is dependent on the size of the household. The historical federal poverty guidelines used for our asset poverty calculation are found at:\u00a0<\/sup><a style=\"font-size: 22px; text-align: var(--text-align); background-color: #ffffff; letter-spacing: var( --e-global-typography-text-letter-spacing );\" href=\"https:\/\/aspe.hhs.gov\/topics\/poverty-economic-mobility\/poverty-guidelines\/prior-hhs-poverty-guidelines-federal-register-references\" target=\"_blank\" rel=\"noopener\"><sup>https:\/\/aspe.hhs.gov\/topics\/poverty-economic-mobility\/poverty-guidelines\/prior-hhs-poverty-guidelines-federal-register-references<\/sup><\/a><\/p><p><a href=\"#_ftnref23\" name=\"_ftn23\"><sup>[23]<\/sup><\/a><sup>\u00a0Muhammad, D &amp; Collins, C &amp; Ocampo, O &amp; Sim, S (2023). Still a Dream: Over 500 Years to Black Economic Equality.\u00a0<em>National Community Reinvestment Coalition\/ Institute for Policy Studies<\/em><\/sup><\/p><p><a href=\"#_ftnref24\" name=\"_ftn24\"><sup>[24]<\/sup><\/a><sup>\u00a0<\/sup><sup>Addo, F. R., &amp; Darity, W. A. (2021). Disparate Recoveries: Wealth, Race, and the Working Class after the Great Recession.\u00a0<em>The ANNALS of the American Academy of Political and Social Science<\/em>,\u00a0<em>695<\/em>(1), 173-192.\u00a0<\/sup><a href=\"https:\/\/doi.org\/10.1177\/00027162211028822\" target=\"_blank\" rel=\"noopener\"><sup>https:\/\/doi.org\/10.1177\/00027162211028822<\/sup><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0597cf7 e-flex e-con-boxed e-con e-child\" data-id=\"0597cf7\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;5b90c5d&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-8e7eec7 elementor-hidden-mobile e-flex e-con-boxed e-con e-child\" data-id=\"8e7eec7\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;],&quot;sticky_offset&quot;:90,&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-83e7094 elementor-widget elementor-widget-heading\" data-id=\"83e7094\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">TABLE OF CONTENTS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c4339cc elementor-widget elementor-widget-heading\" data-id=\"c4339cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"#Intro\">Introduction<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6acd875 elementor-widget elementor-widget-heading\" data-id=\"6acd875\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"#overview\">An Overview of the Racial Wealth Gap<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-69c50b7 elementor-widget elementor-widget-heading\" data-id=\"69c50b7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"#Wealth\">Wealth, Homeownership and the Racial Wealth Gap<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-382799d elementor-widget elementor-widget-heading\" data-id=\"382799d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"#Liquid\">Liquid Assets, Financial Resources and Marketable Wealth<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-659bd26 elementor-widget elementor-widget-heading\" data-id=\"659bd26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"#Increase\">Increase Homeownership and Diversify Assets to Close the Racial Wealth Gap<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3aa4c83 elementor-widget elementor-widget-heading\" data-id=\"3aa4c83\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"#Reparations\">Reparations<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23cf480 elementor-widget elementor-widget-heading\" data-id=\"23cf480\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"#References\">References<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55ee814 elementor-widget elementor-widget-heading\" data-id=\"55ee814\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Subscribe<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d49a73d elementor-widget elementor-widget-text-editor\" data-id=\"d49a73d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Get NCRC news and <br \/>alerts by email.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cab220e elementor-widget elementor-widget-html\" 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The racial wealth gap barely 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