Credit: Crew of 42

PEW releases devastating report on black wealth as Median net worth of a white family now stands at 20 times that of a black family and 18 times that of a Hispanic family. The collapse of housing prices has killed the net worth of black and Hispanic Americans and has caused the largest wealth gap between blacks and whites in the U.S.  Thoughthe economy was difficult on all Americans minorities tended to have their wealth tied to home ownership.  According to PEW’s report released today,  the median net worth of Hispanic households dropped by 66% and that of black households fell by 53% between 2005 and 2009.

PEW: “White and black homeowners also saw the median value of their home equity decline during this period, but not by as much as Hispanics. Among white homeowners, the decline was from $115,364 in 2005 to $95,000 in 2009. Among black homeowners, it was from $76,910 in 2005 to $59,000 in 2009. There was little or no change during this period in the homeownership rate for whites and blacks; it fell from 47% to 46% among blacks and was unchanged at 74% among whites

The median wealth of white U.S. households in 2009 was $113,149, compared to $6,325 for Hispanics and $5,677 for blacks, according to the Pew Research Center. The white-black wealth gap also is the widest since census began collecting data on blacks and whites and wealth in 1984.  Back then, the ration was roughly 12 to 1.

Posted by lauren victoria burke at 11:50 am
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