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Black-White Wealth Gap Worsening: Here's Why

 

Real estate a major reason

 

The wealth gap between blacks and whites has nearly tripled over the past 25 years, according to a new study by Brandeis University. The findings point to inequality in home ownership, income, education and inheritances as contributing factors. By 2009, the median net worth of white families was $265,000, while blacks had only $28,500. Brandeis researchers looked at the same set of 1,700 families over the 25-year period to see how their work and school experiences affected their wealth, and found that home ownership is driving the growing gap. The home ownership rate for whites is 28% higher than that of blacks. Whites are more likely to have family financial assistance for down payments, so they are able to buy homes an average of eight years earlier than black families and to put down larger upfront payments that lower interest rates andmortgage costs. (CNN)

 

source: theloop

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