In 2022, the wealth disparity between white families and those of Black and Hispanic descent in the United States escalated to over $1 million, setting a historic high, as reported by the Urban Institute. The average wealth for white households soared to approximately $1.3 million, while Hispanic and Black families averaged around $227,000 and $211,000, respectively. This significant gap, observed for the first time in both Black and Hispanic communities, highlights deep-rooted inequalities in wealth accumulation, heavily influenced by systemic racial issues.
The disparity is also evident in homeownership rates, where white families have seen a growth from 64.9% in 1960 to 73.1% in 2022. In contrast, Black homeownership increased only modestly from 38.2% to 44.3%, and although Hispanic and Asian homeownership rates reached their peak in 2022, they still fell short of white homeownership levels. The report identifies homeownership as the main avenue for building wealth in the U.S., yet notes it remains disproportionately low for Black families due to longstanding discriminatory housing policies.
Moreover, the income gap persists with white men born between 1960 and 1964 earning on average $2.9 million across their careers, significantly more than their Black and Hispanic counterparts, who earned less than $1.8 million and $1.7 million, respectively. The report suggests implementing policy changes like modifying the mortgage interest tax deduction and considering reparations to mitigate these disparities, emphasizing that such measures could help reduce the wealth gap and promote economic equity.
“In a nation that professes that those who work hard and play by the rules should be rewarded with social and economic upward mobility, these persistent disparities are a stark reminder that, as a society, we have not achieved this goal,” the report said.
Link: NBCNews
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