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Could you provide a source for the average wealth based off race? $8 is pretty wild and hard to believe. I agree with your point, if disparities exist, they sh

Could you provide a source for the average wealth based off race? $8 is pretty wild and hard to believe. I agree with your point, if disparities exist, they should be discussed.

whimsicalism 5y ago
https://www.bostonglobe.com/metro/2017/12/11/that-was-typo-the-median-net-worth-black-bostonians-really/ze5kxC1jJelx24M3pugFFN/story.html https://www.bostonglobe.com/metro/2017/12/11/that-was-typo-t... sourcing: https://www.bostonfed.org/publications/one-time-pubs/color-of-wealth.aspx https://www.bostonfed.org/publications/one-time-pubs/color-o...
- jackling 5y ago
  Interesting read, one thing to point out, seems that the median wealth is $8 and not the average as stated before. Don't think it makes a difference to your point though. What's surprising is that when looking at the sample breakdown, even thought the # of observations and median age was approximately the same for White and U.S. Black, the U.S Black sample group where significantly less likely to be married (and thus not able to account for any spouse's income/wealth in the calculations for household net worth). > Although members of communities of color are less likely to own homes, among homeowners they are more likely to have mortgage debt. Also, data on student loans and medical debt for whites and racial/ethnic minorities suggest that whites are often less likely to have these forms of debt. This looks like the most critical reason for such a disparity.
  - whimsicalism 5y ago
    > median wealth is $8 and not the average as stated before. Median is an average. [0] If anything the fact that it is a median makes it only more compelling, at least to me. > thus not able to account for any spouse's income/wealth in the calculations for household net worth Yes, maybe if more were married they would have double the net worth up to $16. > This looks like the most critical reason for such a disparity. It seems like a reflection of disparities in wealth, not the reason for it. My guess is there is a sizable historical component to the disparity, given that 60% of private wealth in the US is inherited [1], that would make large portions of that wealth inherited from either times where black people were actively enslaved or excluded from wealth acquisition mechanisms by law or custom. Such exclusion by custom is ongoing today, there is clear evidence for it in hiring and real estate markets. [0]: https://en.wikipedia.org/wiki/Average https://en.wikipedia.org/wiki/Average [1]: https://www.washingtonpost.com/us-policy/2019/02/06/people-like-estate-tax-whole-lot-more-when-they-learn-how-wealth-is-distributed/ https://www.washingtonpost.com/us-policy/2019/02/06/people-l...
    - jackling 5y ago
      I always took average == mean, and median to be another measure, but I could just be mistaken on that.

Could you provide a source for the average wealth based off race? $8 is pretty wild and hard to believe. I agree with your point, if disparities exist, they should be discussed.

whimsicalism 5y ago

https://www.bostonglobe.com/metro/2017/12/11/that-was-typo-the-median-net-worth-black-bostonians-really/ze5kxC1jJelx24M3pugFFN/story.html https://www.bostonglobe.com/metro/2017/12/11/that-was-typo-t... sourcing: https://www.bostonfed.org/publications/one-time-pubs/color-of-wealth.aspx https://www.bostonfed.org/publications/one-time-pubs/color-o...

jackling 5y ago
Interesting read, one thing to point out, seems that the median wealth is $8 and not the average as stated before. Don't think it makes a difference to your point though. What's surprising is that when looking at the sample breakdown, even thought the # of observations and median age was approximately the same for White and U.S. Black, the U.S Black sample group where significantly less likely to be married (and thus not able to account for any spouse's income/wealth in the calculations for household net worth). > Although members of communities of color are less likely to own homes, among homeowners they are more likely to have mortgage debt. Also, data on student loans and medical debt for whites and racial/ethnic minorities suggest that whites are often less likely to have these forms of debt. This looks like the most critical reason for such a disparity.
- whimsicalism 5y ago
  > median wealth is $8 and not the average as stated before. Median is an average. [0] If anything the fact that it is a median makes it only more compelling, at least to me. > thus not able to account for any spouse's income/wealth in the calculations for household net worth Yes, maybe if more were married they would have double the net worth up to $16. > This looks like the most critical reason for such a disparity. It seems like a reflection of disparities in wealth, not the reason for it. My guess is there is a sizable historical component to the disparity, given that 60% of private wealth in the US is inherited [1], that would make large portions of that wealth inherited from either times where black people were actively enslaved or excluded from wealth acquisition mechanisms by law or custom. Such exclusion by custom is ongoing today, there is clear evidence for it in hiring and real estate markets. [0]: https://en.wikipedia.org/wiki/Average https://en.wikipedia.org/wiki/Average [1]: https://www.washingtonpost.com/us-policy/2019/02/06/people-like-estate-tax-whole-lot-more-when-they-learn-how-wealth-is-distributed/ https://www.washingtonpost.com/us-policy/2019/02/06/people-l...
  - jackling 5y ago
    I always took average == mean, and median to be another measure, but I could just be mistaken on that.