The wealth gap between Blacks and non-Hispanic Whites is huge. The median household wealth of non-Hispanic Whites was nearly 10 times that of Blacks in 2016—$171,000 versus $17,409, according to an Urban Institute analysis of the Survey of Consumer Finances. While higher rates of homeownership among non-Hispanic Whites are the primary reason for this gap, another reason is student loan debt. Black households are more likely than non-Hispanic White households to have student loans, and Blacks owe more than non-Hispanic Whites. The percentage of Black households with student loan debt has more than doubled since 1989.
Percentage of Black households headed by people aged 25 to 55 with student loan debt, 1989 to 2016 (and average amount owed in 2016 dollars)
2016: 41.8% ($14,225)
2007: 28.3% ( $6,111)
2001: 18.5% ( $2,224)
1989: 17.9% ( $1,161)
Among non-Hispanic White households headed by people aged 25 to 55, a smaller 34 percent had student loan debt in 2016, owing an average of $11,108.
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