What does wealth look like, over time? How can we see the racial wealth gap? Using data from the Census Bureau on wealth, assets, and debt from 2013-2017, I developed this story that helps readers visualize how time compounds inequality.
The reader should click through the story page by page to learn more. I was astonished to see the increase in white wealth as opposed bo Black wealth even over a small 5-year period.
And Black wealth is growing at a rate close to zero for Black householders. Why?
Homeownership is the compounding factor.
When we put all assets, debt, equity, and investments together and compare them across simple demographics, we can see the impact of homeownership on net worth clearly.
The next time someone wonders why people can’t just work harder, ask yourself: where did you get the downpayment for your first home, and who helped you finance it?