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The Racial Wealth Gap Is Widening: Blacks Increasingly Disadvantaged in Their Ability to Pay for College
- Article from:
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The Journal of Blacks in Higher Education
- Article date:
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July 1, 2008
- Author:
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Copyright informationCopyright CH II Publishers, Inc. Summer 2008. Provided by ProQuest LLC. (Hide copyright information)
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Over the past decade, in actual dollars the racial wealth gap has doubled. In 1993 the median net worth of white households was 10 times greater than the median worth of black households. Now, according to the U.S. Census Bureau, the white-black ratio has increased to 16 to 1!
For the past 30 to 40 years, the median income of black families has held steady at about 60 percent of the median white family income. This persisting family income gap has severely restricted the ability of blacks to pay for college.
But family wealth can be a far more important statistic than family income for measuring the ability to finance the cost of higher education. Family assets such as stocks, bonds, money ...
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