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Neither is Hispanic/Latino, of course. Most Hispanics here are mostly Native American, they just don't identify as such. Sort of in the same way as I am Jewish and Native American and identify as neither.
Median home value today is over $250,000.
Almost all of these were bought at a considerably lower number and most are now mostly paid for.
Add even a modest retirement account to that equity and you better be at $632k.
It's really not that high. Wealthy doesn't even start until about $3Million in assets.
Know what else tells a different story?
Median education & skill attainment. Median number of offspring as well.
Any responsible researcher trying to create a relevant piece would've had the decency to use the median due to the enormous positive skew on the data. The original article is a joke by a journalist whose only goal was to gain viewers, not to create a valuable piece of reporting. The average here is a completely useless figure.
"Son, Papa was a rolling stone. Wherever he laid his hat was his home. And when he died, all he left us was alone. . . . Hey, Mama, folks say Papa was never much on thinking. Spent most of his time chasing women and drinking." The Temptations, circa 1970
Ha, saw them, or what's left of them, in Virginia last summer! They did that song.
I'm not understanding what's so hard to understand.
You may not know whites that have that much wealth,but on average,they have more than minorities.
Is that so hard to understand?
No why......whites have had more time to build wealth. Blacks and other minorities were prevented from living the American dream all the way up until 1964,when the Civil Rights Act came into being.
Asians benefited from the Civil Rights Act.
I still think that if they had included Native Americans,they would be last.
Also,someone thinks Jews are artificially raising the wealth gap.
For one,Jewish isn't a race.
Not disagreeing with what you say about blacks and civil rights--they definitely did not have the same advantages and opportunities. But, much of the wealth of the average white American was built after WWII, not over "the past 200 years", as someone said. The majority of the white population has been poor for much of our history (and of course two-thirds of the current white population's ancestry was not even in the US until the past 100 years or so).
But also, did we forget about the Depression? My mother's family was so poor that my grandmother sent her brothers out to the pond to find turtles to make soup from. Most white people had nothing during those years. Only after the end of the second WW did the majority of people whose families are here today begin to have the chance to build some wealth.
The thing is that I don't understand is how can the Average white family have more than half a million dollar in wealth while equity in their homes have been washed away through housing foreclosures? I'm sure assests to live on such as savings and 401ks would probably be used already. ITs been five years since the economy tanked and the ground is still shaky depending on where one lives. Here for example in NYC it survived the recession by letting more and more wealthy people purchase property and house their assets here and at the same time high taxes keep the poor and working poor from slipping into ever more poverty. Don't get me wrong the recession did damage to blacks as well who suffered not just as harshly, but worst through to go to be true low interest loans that blacks could not pay off. Right now I'm just waiting for the college bubble to pop.
Newly released U.S. Census data demonstrate a rapidly widening racial age gap. The median age for white Americans is 41 but is 32 for blacks, 31.6 for Asians and 27 for Latinos. Across the country, 80 percent of senior citizens are white, while nearly half of the nation’s youth are of color. Such significant age disparities, some experts on race relations say, may be having far-reaching implications on resources invested in programs and areas benefiting younger generations.
The thing is that I don't understand is how can the Average white family have more than half a million dollar in wealth
Avg white family only has 100K. The article is garbage b/c of the skewed distribution of wealth. When that occurs, average will be much higher than median. Median is the single best indicator of the average person/household within a group. Nothing but sensationalistic journalism here.
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