1. Blacks and Hispanics Hit Hardest by Recession
... ' wealth declined by 53 percent. However, the wealth of white households only fell by 16 percent during that time (Eichler). In other terms, median wealth - assets minus debts - greatly differed for the three ethnic groups. Black households had $5,677 in wealth on average, Hispanic households had $6,325, and white households average $113,149 in wealth. Furthermore, unemployment rates ... their house values dropped drastically (Chung). "Nearly two-thirds of Hispanic household wealth in 2005 was derived from owned homes," revealed one report. Naturally, the drop in the housing market affec...
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- Grade Level: Undergraduate