• iopq@lemmy.world
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    1 year ago

    The survey showed other stark contrasts. While Black households saw their median income fall by 2% - versus a 3% rise for all families - their median net worth shot up by 60% to outpace all other racial and ethnic groups during those three years

    The poor got richer

    • blazera@kbin.social
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      1 year ago

      How the hell do you make less money and increase net worth? Is this only surveying home owners?

      • ezchili@iusearchlinux.fyi
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        1 year ago

        Assets ballooned and especially homes

        64% of the population owns a house so you don’t need to only survey homeowners, they’re a big part of the population

    • comfortablyglum@sh.itjust.works
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      1 year ago

      Despite Black families experiencing the largest growth in median net wealth — a 60% bump from 2019 — their 2022 levels remained the lowest among all other racial or ethnic groups, and they also saw incomes falter.

      The 37% rise in net worth, which was more than double the next-largest upswing on record, was largely fueled by asset growth — specifically home values and stock market gains that far exceeded consumer price inflation, Fed researchers said.

      Figured_ I would add a bit more context to your argument. You can’t gain in net wealth if you have nothing to gain with. Emphasis in above quote is mine.