A new report finds about 70 percent of Latino and black households with young children were income-poor in 2007, and 40 percent had no financial assets—more than twice the respective rates for white households that year.
According to the study by the Insight Center for Community Economic Development, the wealth gap between black and white households with children in the United States nearly doubled—to $47,000—between 1994 and 2007. The Oakland, Calif., group defines the wealth gap as what a family owns versus what it owes.
The study is based on two national data sources: the Panel Study of Income Dynamics and the National Center for Education Statistics Early Childhood Longitudinal Study-Birth Cohort.
