Racial inequality in the U.S. has many dimensions, but one of the most impactful and broad-ranging is economic. On average, people of colour experience significantly lower levels of income, retirement savings, and rates of homeownership than white Americans.
For instance, the amount earned by the median black household for every $1 earned by the median white household is $0.59. The amount earned by the median Hispanic household for every $1 earned by the median white household is $0.73.
Those shortfalls contribute mightily to other ill effects: poorer healthcare outcomes, lower educational attainment, and shorter life expectancies, for example.
Here are some key statistics about the impact of the racial divide for income, savings, and overall financial well-being.
Real Median Household Income, 2018
- $41,692: African-American households
- $51,450: Hispanic households
- $70,742: Non-Hispanic white households
- $87,194: Asian households
Real Income Growth between 2007-18
- -2.1%: African-American households
- 0.7%: Asian households
- 2.3%: Non-Hispanic white households
- 13.1%: Hispanic households
Poverty Rate, 2018
- 20.8%: Among African-Americans
- 17.6%: Among Hispanics
- 10.1%: Among whites
- 10.1%: Among Asians
Median Household Net Worth, 2016
- $16,300: African-American households
- $21,360: Hispanic households
- $102,000: All other
- $162,770: White households
Percentage of families with Retirement Savings, 2016 and 1989. It is interesting to note the decline amongst white families.
- 35% (2016), 22% (1989): Hispanic families
- 41% (2016), 26% (1989): African-American families
- 68% (2016), 57% (1989): White families
Rate of Homeownership, 2020
- 44%: Among African-American households
- 49%: Among Hispanic households
- 74%: Among non-Hispanic white households
With a bachelor’s degree or higher, 2017
- 17%: Percentage of Hispanic population
- 24%: Percentage of African-American population
- 38%: Percentage of white population
Life Expectancy at birth for men, 2016
- 71.5 years: African-American men
- 76.1 years: White men
- 79.1 years: Hispanic men
Life Expectancy at birth for women, 2016
- 77.9 years: African-American women
- 81.0 years: White women
- 84.2 years: Hispanic women
Access the original article to see more statistics, and the relevant source.