Racial Wealth Divide in Miami
Author: Prosperity Now (formerly CFED)
Topic: Financial well-being
Publisher: Prosperity Now (formerly CFED)
Location: United States
Format: Report
Content Type: Research
Publication Date: October 31, 2016
The following profile presents data on the economic inequalities within Miami. These statistics may seem overwhelming. However, we with more information about the challenges of racial economic inequality, there is greater opportunity to identify best practices and policies that can address the racial wealth divide. People of color in Miami—Black, Asian and Latino populations— generally struggle more than their peers nationwide, yet Miami’s White population often has better economic outcomes than the White population nationwide. The White population’s income is $11,728 higher in Miami than it is nationwide while the Black population’s income is $14,388 lower. Similarly, the Asian and Latino population’s incomes are lower in Miami than they are nationwide by $6,101 and $13,910 respectively. In unemployment, the Black unemployment rate is 1.6% higher than the national rate. Lastly, Miami’s White population has a 7% lower rate of liquid asset poverty than the nationwide White population while the Black population’s rate is over 10% higher and the Latino population’s rate is 3% higher.
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