Sauk family of photographed by Frank Rinehart in One of the primary functions of the family involves providing a framework for the production and reproduction of persons biologically and socially.
By Rakesh Kochhar and Richard Fry The Great Recession, fueled by the crises in the housing and financial markets, was universally hard on the net worth of American families. But even as the economic recovery has begun to mend asset prices, not all households have benefited alike, and wealth inequality has widened along racial and ethnic lines.
Likewise, the wealth of white households is now more than 10 times the wealth of Hispanic households, compared with nine times the wealth in The current gap between blacks and whites has reached its highest point sincewhen whites had 17 times the wealth of black households.
The current white-to-Hispanic wealth ratio has reached a level not seen since Leaving aside race and ethnicity, the net worth of American families overall — the difference between the values of their assets and liabilities — held steady during the economic recovery.
The stability in household wealth follows a dramatic drop during the Great Recession. From tothe median net worth of American families decreased by Rapidly plunging house prices and a stock market crash were the immediate contributors to this shellacking.
Our analysis of Federal Reserve data does reveal a stark divide in the experiences of white, black and Hispanic households during the economic recovery. Meanwhile, the median wealth of non-Hispanic black households fell Among Hispanics, median wealth decreased by For all families — white, black and Hispanic — median wealth is still less than its pre-recession level.
A number of factors seem responsible for the widening of the wealth gaps during the economic recovery. Thus, minority households may not have replenished their savings as much as white households or they may have had to draw down their savings even more during the recovery.
Also, financial assets, such as stocks, have recovered in value more quickly than housing since the recession ended. White households are much more likely than minority households to own stocks directly or indirectly through retirement accounts. Thus, they were in better position to benefit from the recovery in financial markets.
But the decrease in asset ownership tended to be proportionally greater among minority households. For example, the homeownership rate for non-Hispanic white households fell from Meanwhile, the homeownership rate among minority households decreased from Peak values for the wealth ratios were recorded in the survey — 17 for the white-to-black ratio and 14 for the white-to-Hispanic ratio.
Otherwise, the racial and ethnic wealth gaps in are at or about their highest levels observed in the 30 years for which we have data.Type or paste a DOI name into the text box.
Click Go. Your browser will take you to a Web page (URL) associated with that DOI name. Send questions or comments to doi. The median wealth of white households was 13 times the wealth of black households and 10 times that of Hispanic households in , compared with eight and nine times, respectively, in As the highest-ranked open access journal in its field, Genome Biology publishes outstanding research that advances the fields of biology and biomedicine from a genomic and post-genomic perspective.
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