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>In my city, Boston, the average household wealth of a white family (excluding the value of the home) is $200,000. The average household wealth of a black famil

by banads 7y ago

>In my city, Boston, the average household wealth of a white family (excluding the value of the home) is $200,000. The average household wealth of a black family is $5. (and no, I didn't forget to put a thousand after the 5) Do you have a source for that? Seems like you may be referring to this study[1] which only had a sample size of 78 white households and 71 black households. In that sample, the median net worth disparity was $247,500 to $8. I was not able to find how they picked their sample set. [1]https://www.bostonfed.org/publications/one-time-pubs/color-of-wealth.aspx https://www.bostonfed.org/publications/one-time-pubs/color-o...

MiroF 7y ago
You're correct - I misremembered the exact numbers. Median is an average. The Federal Reserve Bank of Boston was my source for this. Despite your usage of the qualifier "only" to describe the sample sizes, that is more than sufficient to draw statistically significant conclusions about the racial gap in wealth in Boston. Finally, here's the description of how the samples were selected: > Various sampling techniques were used to locate and identify an ethnically plural sample consisting of the specifically defined ethnic groups. The techniques included the following: directory-listed landline samples targeted to census tracts where groups were known to reside; cell phone random digit dialing samples drawn from rate centers that covered the targeted ethnic group ZIP codes; samples drawn from targeted ZIP codes on the basis of billing address; and the use of surname-based lists targeting specific national origin groups.
- banads 7y ago
  Obviously there is a considerable wealth gap among different demographics. But if you compare a poor black neighborhood with a poor white trailer park, there won't be much of a difference. If you compare that poor neighborhood or trailer park with a rich white gated community, you're not really saying much that isn't already known. How do we know the people who conducted the study didn't purposefully do the latter?
  - MiroF 7y ago
    Because the Fed is a reputable organization and described their methodology above? Not really going to keep replying to this thread, but I think it's much more likely that the Fed is accurately reporting the reality of an extreme racial wealth gap, as opposed to the Federal Reserve Bank doctoring results to fake those wealth gaps.
    - banads 7y ago
      Economic studies are often rife with bias and political motives, as you know. It's foolish to trust such things on faith-based appeals to authority.

by banads 7y ago

MiroF 7y ago

You're correct - I misremembered the exact numbers. Median is an average. The Federal Reserve Bank of Boston was my source for this. Despite your usage of the qualifier "only" to describe the sample sizes, that is more than sufficient to draw statistically significant conclusions about the racial gap in wealth in Boston. Finally, here's the description of how the samples were selected: > Various sampling techniques were used to locate and identify an ethnically plural sample consisting of the specifically defined ethnic groups. The techniques included the following: directory-listed landline samples targeted to census tracts where groups were known to reside; cell phone random digit dialing samples drawn from rate centers that covered the targeted ethnic group ZIP codes; samples drawn from targeted ZIP codes on the basis of billing address; and the use of surname-based lists targeting specific national origin groups.

banads 7y ago
Obviously there is a considerable wealth gap among different demographics. But if you compare a poor black neighborhood with a poor white trailer park, there won't be much of a difference. If you compare that poor neighborhood or trailer park with a rich white gated community, you're not really saying much that isn't already known. How do we know the people who conducted the study didn't purposefully do the latter?
- MiroF 7y ago
  Because the Fed is a reputable organization and described their methodology above? Not really going to keep replying to this thread, but I think it's much more likely that the Fed is accurately reporting the reality of an extreme racial wealth gap, as opposed to the Federal Reserve Bank doctoring results to fake those wealth gaps.
  - banads 7y ago
    Economic studies are often rife with bias and political motives, as you know. It's foolish to trust such things on faith-based appeals to authority.