Examining The Black-White Wealth Gap
Managing Director, The Hamilton Project at The Brookings Institution
In 2019, the median white household held $188,200 in wealth—7.8 times that of the typical Black household ($24,100). Over the past 30 years, the median wealth of white households has consistently dwarfed that of Black households. In 2019, Black families are not only less likely to own a home, but their homeownership also yields lower levels of assets: 73 percent of white families compared to 42 percent of Black families owned a home and white families’ home value was $230,000 compared to $150,000 for Black families. Similarly, of the $30.8 trillion in total real estate assets reported in the second quarter of 2020, white households held 78 percent ($23.9 trillion) compared to 5 percent ($1.6 trillion) held by Black households. What significant structural changes are needed at the local, state, and federal level to help increase wealth and reduce disparities going forward?