Net Worth Of White D.C. Households 81 Times Black Households, Says Report

Wednesday, November 2, 2016
WAMU (88.5 FM)

"There is a huge economic divide between African Americans and whites in the D.C. region, according to The Color of Wealth, a report released this week. That disparity exists across every financial measure — including cash, savings and checkings accounts, retirement and investment accounts, debt, unemployment and home ownership. "

"Pamela Johnson's family has been living in the District for several generations, but never owned a home. 'My grandmother migrated here from Lynchburg and was one of the first black families to live on Capitol Hill.'"

"Johnson, 52, remembers when she became the first person in her family to own a home: 'On March 3, 2003, it cost $99,950 and now it's worth $234,000.'

"But Johnson's net wealth is an exception when compared to most African Americans living in the metro D.C. region, especially those in the District."

"'The District of Columbia provides additional evidence of the staggering disparity in wealth among race and ethnicity in the United States,' says Duke University Professor William Darity Jr., who co-authored the report. "'In D.C. white net worth at the median is 81 times that of black net worth and this is an astronomical difference.'"

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