Wealth Distribution by Race

1
504
 

 

Photo credit: Daphne Emrick

Could it be that wealth is distributed by race? According to the Race Exhibit, which will be at the Missouri History Museum from January 16, 2010 to April 4, 2010, banks in the 1930s would create mortgage-lending risks in certain residential areas that were based on the neighborhood.   At that time most neighborhoods were segregated.  Access to affordable mortgage rates was made way harder for people of color than for whites. This made the average home value for whites higher. Due to this, when “colored people” left their homes as an inheritance, they passed on a lower net value to their children. The Race Exhibit claims that the average African American family net-worth today is one tenth of that of white families. A huge factor for this is because of home value.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License

1 COMMENT

LEAVE A REPLY