PSID data extract for computing per capita white-to-Black wealth gaps and active saving rates of Black and white Americans during 1984-2019.

A growing body of research documents the importance of wealth and the racial wealth gap in perpetuating inequality across generations. We add to this literature by examining the impact of wealth on child income by race, while also extending our analysis to three generations. Our two stage least squares regressions reveal that grandparental and parental wealth and the younger generation’s household income is strongly positively correlated. We further explore the relationship between income and wealth by decomposing the child’s income by race. We find that the disparity in income between black and white respondents is mainly attributable to differences in family background. In context, differences in family background are stronger than differences in educational attainment. When we examine different income percentiles, however, we find that the effect of grandparental and parental wealth endowment is much stronger at the top of the income distribution. These findings indicate that wealth is an important source of income inequality.

In the U.S., median household income rose from 51,570 U.S. dollars in 1967 to 80,610 dollars in 2023. In terms of broad ethnic groups, Black Americans have consistently had the lowest median income in the given years, while Asian Americans have the highest; median income in Asian American households has typically been around double that of Black Americans.

Does the measurement of the racial wealth gap shift depending on the model, method, and data set used? We contrast the traditional mean Oaxaca-Blinder decomposition with the distributional Recentered Influence Function (RIF) methods. The untransformed, logarithm-transformed, and inverse hyperbolic sine-transformed versions in both Survey of Consumer Finances and Panel Study of Income Dynamics data sets exhibit similarities. The Oaxaca-Blinder (mean) decomposition highlights that receiving an inheritance explains a larger portion of the racial wealth gap than educational attainment. Conversely, the RIF method at the median suggests that educational attainment accounts for more of the wealth gap than inheritance receipt.

In this paper, we address what has been termed “the Fed view,” the Federal Reserve’s model for black-white wealth inequality, articulated in a series of mutually consistent papers making two arguments. First, the Fed view has it that the black-white wealth gap, when measured with an “expanded wealth concept,” is smaller than previously thought. Second, the Fed view has it that the black-white wealth gap is primarily explained by income differences shaped by personal decisions around human capital acquisition, family structure, risk taking, and the legacy of residential segregation.

Reparations for African Americans reflect both material concerns aimed at eliminating the Black-White racial wealth gap and symbolic political aspirations, including the end of structural racism. But do material or symbolic considerations drive policy evaluations across racial and partisan divides? What knowledge and experiences undergird processes through which individuals weigh the symbolic importance of a policy against its actual benefits? Leveraging a set of 41 in-depth interviews with Black and White residents of Evanston, Illinois—the first municipality in the U.S. to approve a publicly-funded reparations-related ordinance—we highlight a mechanism through which individuals develop their opinions about reparations: political socialization. Black interviewees linked their understanding of reparations to robust financial compensation while White Democrats viewed their support for Evanston’s policy as symbolic of their longstanding, affective commitments to racial equality. Drawing from these observations, we present a framework highlighting policy attributes that frame how different constituencies respond to reparations-related policies. We test this framework using a conjoint experiment about reparations policies fielded in the 2022 Cooperative Election Study. We find Americans—especially White Republicans—possess less familiarity about reparations and remain strongly opposed to these policies, regardless of the form they take. While White Democrats are more familiar with reparations and more supportive of policies mirroring Evanston’s, Black Americans—those who are most familiar with reparations—support direct cash payments regardless of their political identification.

In 2023, about 26.9 percent of Asian private households in the U.S. had an annual income of 200,000 U.S. dollars and more. Comparatively, around 13.9 percent of Black households had an annual income under 15,000 U.S. dollars.

About this dataset

Context

The dataset presents the median household income across different racial categories in Black Oak. It portrays the median household income of the head of household across racial categories (excluding ethnicity) as identified by the Census Bureau. The dataset can be utilized to gain insights into economic disparities and trends and explore the variations in median houshold income for diverse racial categories.

Key observations

Based on our analysis of the distribution of Black Oak population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 61.62% of the total residents in Black Oak. Notably, the median household income for White households is $48,750. Interestingly, White is both the largest group and the one with the highest median household income, which stands at $48,750.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates.

Racial categories include:

• White
• Black or African American
• American Indian and Alaska Native
• Asian
• Native Hawaiian and Other Pacific Islander
• Some other race
• Two or more races (multiracial)

Variables / Data Columns

• Race of the head of household: This column presents the self-identified race of the household head, encompassing all relevant racial categories (excluding ethnicity) applicable in Black Oak.
• Median household income: Median household income, adjusting for inflation, presented in 2023-inflation-adjusted dollars

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Black Oak median household income by race. You can refer the same here

The Biden-Harris Administration released a plan to cancel federal student loans for 43 million borrowers on August 24, 2022. While the Supreme Court struck down the Biden-Harris' student debt relief plan on June 30, 2023, the White House is now planning to use the Higher Education Act of 1965, a federal law that governs the student loan program, to bring about relief for student borrowers. This article estimates the potential impact of broad-based student debt relief on racial and ethnic wealth gaps. On average, federal student debt potentially eligible for relief explains 3% of the White-Black wealth gaps, suggesting that broad-based student debt relief could significantly mitigate racial wealth inequities.Note: This is data and code accompanying the article.

About this dataset

Context

The dataset presents the median household income across different racial categories in Black Brook town. It portrays the median household income of the head of household across racial categories (excluding ethnicity) as identified by the Census Bureau. The dataset can be utilized to gain insights into economic disparities and trends and explore the variations in median houshold income for diverse racial categories.

Key observations

Based on our analysis of the distribution of Black Brook town population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 96.32% of the total residents in Black Brook town. Notably, the median household income for White households is $66,343. Interestingly, White is both the largest group and the one with the highest median household income, which stands at $66,343.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates.

Racial categories include:

• White
• Black or African American
• American Indian and Alaska Native
• Asian
• Native Hawaiian and Other Pacific Islander
• Some other race
• Two or more races (multiracial)

Variables / Data Columns

• Race of the head of household: This column presents the self-identified race of the household head, encompassing all relevant racial categories (excluding ethnicity) applicable in Black Brook town.
• Median household income: Median household income, adjusting for inflation, presented in 2023-inflation-adjusted dollars

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Black Brook town median household income by race. You can refer the same here

The statistic shows the distribution of U.S. millionaires in 2013, by race and ethnicity. As of 2013, about 76 percent of U.S. millionaires were White/Caucasian.

Additional information on racial income inequality

The issue of racial inequality in regards to income and wealth has been a problem through the entirety of the history of the United States. The statistic above demonstrates how the percentage of millionaires that identify as Black/African Americans is disproportionate to the share of the population overall. While the disproportionate number of millionaires demonstrates an undesirable degree of income inequality it is at the bottom of the wealth ladder within American society that the issue is most pressing. The overrepresentation of African Americans in contrast to the population in unemployment statistics are cause for concern on the part of the government and society as a whole. In 2014, nearly 25 percent of surveyed families who placed themselves in the income bracket of under ten thousand dollars identified as black.

The percentage of non-white female business owners perhaps demonstrates that barriers to wealth exist but are diminished in unison. As barriers to wealth generation are removed for women, similar barriers are also being broken to allow for greater equality in the economic opportunities offered across the population of the United States. A central issue for policy makers is the time delay associated with policies aimed at reversing these inequalities. This was reflected in the 2015 Democratic and Republican presidential primary campaigns. Despite many major candidates discussing the issue none put forward meaningful proposals to address the problem. Even Senator Bernie Sanders who made addressing income inequality the cornerstone failed to separate the issue from income inequality generally. However, the global attention gained by movements such as ‘Black Lives Matter’ shows issues of racial inequality are prominent in the discourse of sections of the wider population if not forming a cornerstone of the political discourse in the United States.

In 2023, the mean income of Black Bachelor's degree holders was ****** U.S. dollars, compared to ****** U.S. dollars for White Americans with a Bachelor's degree.

In 2023, **** percent of Black people living in the United States were living below the poverty line, compared to *** percent of white people. That year, the total poverty rate in the U.S. across all races and ethnicities was **** percent. Poverty in the United States Single people in the United States making less than ****** U.S. dollars a year and families of four making less than ****** U.S. dollars a year are considered to be below the poverty line. Women and children are more likely to suffer from poverty, due to women staying home more often than men to take care of children, and women suffering from the gender wage gap. Not only are women and children more likely to be affected, racial minorities are as well due to the discrimination they face. Poverty data Despite being one of the wealthiest nations in the world, the United States had the third highest poverty rate out of all OECD countries in 2019. However, the United States' poverty rate has been fluctuating since 1990, but has been decreasing since 2014. The average median household income in the U.S. has remained somewhat consistent since 1990, but has recently increased since 2014 until a slight decrease in 2020, potentially due to the pandemic. The state that had the highest number of people living below the poverty line in 2020 was California.

U.S. citizens with a professional degree had the highest median household income in 2023, at 172,100 U.S. dollars. In comparison, those with less than a 9th grade education made significantly less money, at 35,690 U.S. dollars. Household income The median household income in the United States has fluctuated since 1990, but rose to around 70,000 U.S. dollars in 2021. Maryland had the highest median household income in the United States in 2021. Maryland’s high levels of wealth is due to several reasons, and includes the state's proximity to the nation's capital. Household income and ethnicity The median income of white non-Hispanic households in the United States had been on the rise since 1990, but declining since 2019. While income has also been on the rise, the median income of Hispanic households was much lower than those of white, non-Hispanic private households. However, the median income of Black households is even lower than Hispanic households. Income inequality is a problem without an easy solution in the United States, especially since ethnicity is a contributing factor. Systemic racism contributes to the non-White population suffering from income inequality, which causes the opportunity for growth to stagnate.

About this dataset

Context

The dataset presents the median household incomes over the past decade across various racial categories identified by the U.S. Census Bureau in Bone Gap. It portrays the median household income of the head of household across racial categories (excluding ethnicity) as identified by the Census Bureau. It also showcases the annual income trends, between 2013 and 2023, providing insights into the economic shifts within diverse racial communities.The dataset can be utilized to gain insights into income disparities and variations across racial categories, aiding in data analysis and decision-making..

Key observations

• White: In Bone Gap, the median household income for the households where the householder is White decreased by $5,461(10.31%), between 2013 and 2023. The median household income, in 2023 inflation-adjusted dollars, was $52,961 in 2013 and $47,500 in 2023.
• Black or African American: As per the U.S. Census Bureau population data, in Bone Gap, there are no households where the householder is Black or African American; hence, the median household income for the Black or African American population is not applicable.
• Refer to the research insights for more key observations on American Indian and Alaska Native, Asian, Native Hawaiian and Other Pacific Islander, Some other race and Two or more races (multiracial) households

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates.

Racial categories include:

• White
• Black or African American
• American Indian and Alaska Native
• Asian
• Native Hawaiian and Other Pacific Islander
• Some other race
• Two or more races (multiracial)

Variables / Data Columns

• Race of the head of household: This column presents the self-identified race of the household head, encompassing all relevant racial categories (excluding ethnicity) applicable in Bone Gap.
• 2010: 2010 median household income
• 2011: 2011 median household income
• 2012: 2012 median household income
• 2013: 2013 median household income
• 2014: 2014 median household income
• 2015: 2015 median household income
• 2016: 2016 median household income
• 2017: 2017 median household income
• 2018: 2018 median household income
• 2019: 2019 median household income
• 2020: 2020 median household income
• 2021: 2021 median household income
• 2022: 2022 median household income
• 2023: 2023 median household income
• Please note: All incomes have been adjusted for inflation and are presented in 2023-inflation-adjusted dollars.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Bone Gap median household income by race. You can refer the same here

About this dataset

Context

The dataset presents the median household income across different racial categories in Black. It portrays the median household income of the head of household across racial categories (excluding ethnicity) as identified by the Census Bureau. The dataset can be utilized to gain insights into economic disparities and trends and explore the variations in median houshold income for diverse racial categories.

Key observations

Based on our analysis of the distribution of Black population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 100% of the total residents in Black. Notably, the median household income for White households is $55,375. Interestingly, White is both the largest group and the one with the highest median household income, which stands at $55,375.

https://i.neilsberg.com/ch/black-al-median-household-income-by-race.jpeg" alt="Black median household income diversity across racial categories">

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Racial categories include:

• White
• Black or African American
• American Indian and Alaska Native
• Asian
• Native Hawaiian and Other Pacific Islander
• Some other race
• Two or more races (multiracial)

Variables / Data Columns

• Race of the head of household: This column presents the self-identified race of the household head, encompassing all relevant racial categories (excluding ethnicity) applicable in Black.
• Median household income: Median household income, adjusting for inflation, presented in 2022-inflation-adjusted dollars

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Black median household income by race. You can refer the same here

About this dataset

Context

The dataset presents the median household incomes over the past decade across various racial categories identified by the U.S. Census Bureau in Pennington Gap. It portrays the median household income of the head of household across racial categories (excluding ethnicity) as identified by the Census Bureau. It also showcases the annual income trends, between 2013 and 2023, providing insights into the economic shifts within diverse racial communities.The dataset can be utilized to gain insights into income disparities and variations across racial categories, aiding in data analysis and decision-making..

Key observations

• White: In Pennington Gap, the median household income for the households where the householder is White decreased by $8,229(25.31%), between 2013 and 2023. The median household income, in 2023 inflation-adjusted dollars, was $32,515 in 2013 and $24,286 in 2023.
• Black or African American: In Pennington Gap, there was no reported median household income for Black or African American households in 2013. However, in 2023, the median household income increased to $2,499, marking a significant change.
• Refer to the research insights for more key observations on American Indian and Alaska Native, Asian, Native Hawaiian and Other Pacific Islander, Some other race and Two or more races (multiracial) households

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates.

Racial categories include:

• White
• Black or African American
• American Indian and Alaska Native
• Asian
• Native Hawaiian and Other Pacific Islander
• Some other race
• Two or more races (multiracial)

Variables / Data Columns

• Race of the head of household: This column presents the self-identified race of the household head, encompassing all relevant racial categories (excluding ethnicity) applicable in Pennington Gap.
• 2010: 2010 median household income
• 2011: 2011 median household income
• 2012: 2012 median household income
• 2013: 2013 median household income
• 2014: 2014 median household income
• 2015: 2015 median household income
• 2016: 2016 median household income
• 2017: 2017 median household income
• 2018: 2018 median household income
• 2019: 2019 median household income
• 2020: 2020 median household income
• 2021: 2021 median household income
• 2022: 2022 median household income
• 2023: 2023 median household income
• Please note: All incomes have been adjusted for inflation and are presented in 2023-inflation-adjusted dollars.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Pennington Gap median household income by race. You can refer the same here

About this dataset

Context

The dataset presents the median household income across different racial categories in Marshall County. It portrays the median household income of the head of household across racial categories (excluding ethnicity) as identified by the Census Bureau. The dataset can be utilized to gain insights into economic disparities and trends and explore the variations in median houshold income for diverse racial categories.

Key observations

Based on our analysis of the distribution of Marshall County population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 96.61% of the total residents in Marshall County. Notably, the median household income for White households is $63,352. Interestingly, despite the White population being the most populous, it is worth noting that Black or African American households actually reports the highest median household income, with a median income of $200,838. This reveals that, while Whites may be the most numerous in Marshall County, Black or African American households experience greater economic prosperity in terms of median household income.

https://i.neilsberg.com/ch/marshall-county-ky-median-household-income-by-race.jpeg" alt="Marshall County median household income diversity across racial categories">

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates.

Racial categories include:

• White
• Black or African American
• American Indian and Alaska Native
• Asian
• Native Hawaiian and Other Pacific Islander
• Some other race
• Two or more races (multiracial)

Variables / Data Columns

• Race of the head of household: This column presents the self-identified race of the household head, encompassing all relevant racial categories (excluding ethnicity) applicable in Marshall County.
• Median household income: Median household income, adjusting for inflation, presented in 2022-inflation-adjusted dollars

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Marshall County median household income by race. You can refer the same here

Code required to replicate results in " African American Intergenerational Economic Mobility Since 1880", published in American Economic Journal: Applied. Abstract: We document the intergenerational mobility of black and white American men from 1880 through 2000 by building new historical datasets and combining them with modern data to cover the middle and late twentieth century. We find large disparities, with white children having far better chances of escaping the bottom of the income distribution than black children in every generation. This mobility gap was more important in proximately determining each generation’s racial income gap than was the gap in parents’ economic status. Evidence suggests that human capital disparities, conditional on parents’ status, underpinned a substantial part of the mobility gap. [99 words]

About this dataset

Context

The dataset presents the median household income across different racial categories in Black Earth town. It portrays the median household income of the head of household across racial categories (excluding ethnicity) as identified by the Census Bureau. The dataset can be utilized to gain insights into economic disparities and trends and explore the variations in median houshold income for diverse racial categories.

Key observations

Based on our analysis of the distribution of Black Earth town population by race & ethnicity, the population is predominantly White. This particular racial category constitutes the majority, accounting for 95.17% of the total residents in Black Earth town. Notably, the median household income for White households is $137,500. Interestingly, White is both the largest group and the one with the highest median household income, which stands at $137,500.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2019-2023 5-Year Estimates.

Racial categories include:

• White
• Black or African American
• American Indian and Alaska Native
• Asian
• Native Hawaiian and Other Pacific Islander
• Some other race
• Two or more races (multiracial)

Variables / Data Columns

• Race of the head of household: This column presents the self-identified race of the household head, encompassing all relevant racial categories (excluding ethnicity) applicable in Black Earth town.
• Median household income: Median household income, adjusting for inflation, presented in 2023-inflation-adjusted dollars

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Black Earth town median household income by race. You can refer the same here