Black wealth in the U.S. has historically lagged behind that of white Americans due to systemic inequalities, historical discrimination, and ongoing disparities in income, homeownership, and investment opportunities. Here are some key statistics on Black wealth:
1. Median Household Wealth
- In 2019, the median net worth of Black households in the U.S. was $24,100, compared to $188,200 for white households.
(Federal Reserve, Survey of Consumer Finances, 2019) - This means that the typical Black household had about 12.8% of the wealth of the typical white household.
2. Homeownership Rates
- As of 2022, the Black homeownership rate was 44.1%, compared to 72.3% for white households.
(U.S. Census Bureau, 2022) - Homeownership is a major driver of wealth accumulation, and this gap contributes significantly to overall racial wealth disparities.
3. Income Disparities
- The median household income for Black families in 2022 was around $52,860, compared to $81,060 for white families.
(U.S. Census Bureau, 2022) - Even with similar education levels, Black workers tend to earn less than their white counterparts in the same roles.
4. Stock Market and Business Ownership
- About 34% of Black families owned stocks in 2019, compared to 61% of white families.
(Federal Reserve, 2019) - Black-owned businesses account for only 2.3% of all employer businesses in the U.S. and tend to start with less capital and have lower survival rates than white-owned businesses.
(Brookings Institution, 2021)
5. Debt and Financial Burden
- Black college graduates owe, on average, $25,000 more in student loan debt than white graduates.
(Education Data Initiative, 2023) - Black families are more likely to lack emergency savings, with 60% of Black households unable to cover a $1,000 emergency expense compared to 36% of white households.
(Bankrate, 2022)
6. Projected Wealth Gap
- If trends continue, it is estimated that Black median wealth will take more than 200 years to reach parity with white wealth.
(Institute for Policy Studies, 2017)