A new study report, Scoping the Racial Wealth Gap in New York State and City, has revealed the racial wealth gap between Black Americans and white Americans is extremely high.
The study, conducted by New York’s comptroller, reported that in the state white households have a median net worth of on average $276,900, and it is nearly 15x higher than Black households that have a net household worth of just $18,870.
Brad Lander, Comptroller, said, “The data in our report show – in Black and white – the persistence of a stark racial wealth gap in New York. The median household net worth of white New Yorkers is nearly 15 times that of Black New Yorkers – 15 times.”
He continued to explain how these concerning wealth gaps ricochet through other aspects of financial and educational well being for families.
“The average white New York high school graduate has a net worth three times greater than the average Black college graduate. These numbers add up to opportunities denied to millions of Black New Yorkers; wealth disparities perpetuated across generations, and a poorer city and state for all of us since inequality holds back economic growth for all.”
The numbers are not isolated to New York, although the state has a more severe wealth gap than the nationwide average. In the United States, the median white household has a net worth of $291,250, and the median Black household net worth is $31,370, which is still concerning but a much narrower gap than the New York state numbers.
The Scoping the Racial Wealth Gap report identified further ramifications and causes of the wealth gap. The report states that white New Yorkers who have only earned “a high school degree [still have a net worth] three times greater than their Black counterparts who are college graduates.” This figure has led to Black New York citizens having higher rates of student debt as well.
With the inequality in education and thus financial opportunities, now only 24 percent of Black New York citizens are homeowners as opposed to 63 percent of White citizens. Even further, “the average home owned by a Black New Yorker is valued significantly lower than the median White New York City homeowner.”
The Scoping the Racial Wealth Gap report has revealed a concerning deficit in wealth equity in New York State.
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