Loss of Home equity has increased the Wealth Gap between Minorities and White Households
Bureau of the Census
A recent analysis of U.S. Census data performed by the Pew Research Center has indicated that the gap in wealth between whites and various minority groups has increased to record levels as a result of our housing crash. This is primarily due to the fact that before the housing crash the accumulated wealth of minorities was primarily attributed to their home equity, while many white households wealth was built on a much more diversified portfolio which in addition to home equity may include stocks, bonds, etc.
According to their analysis, Pew Research found that between 2005 & 2009 the average net assets of the various groups had declined as follows:
Net Assets of African American households declined to an average of $5,677, which represents a 53% decline from 2005.
Hispanic households experienced an average of a 66% decline in net worth and had average net assets equal to $6,325 by 2009.
This is in comparison to the average white household who only experienced and average decline of 16% of their net worth, and in 2009 had average net assets equal to $113,149.
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Source of Information: Realtor Magazine
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