The Racial Wealth Divide And Black Homeownership: New Data Show Small Gains, Deep Fragility
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KEY TAKEAWAYS:
- Black households had the largest percentage increase of any group in median net worth from 2019 to 2022, up 60% to $44,900.
- Black wealth gains did not, however, narrow the racial wealth divide to any meaningful degree: A three percentage-point contraction in the Black-White wealth divide still leaves a chasm of nearly 85% between the groups.
- Over the last decade, Black wealth has become more dependent on home equity which accounts for two-thirds of net worth growth from 2013 to 2022.