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10 Cities Where Black Americans Fare Best Economically

Money Talks News Logo By Stephanie Horan of Money Talks News | Slide 1 of 12: This story originally appeared on SmartAsset.com. Nationwide, when it comes to wealth and personal finance success, Black Americans generally have less. U.S. Census Bureau data from 2019 shows that the median Black household income is 33% lower than the overall median household income and the Black homeownership rate is 22 percentage points lower than the general homeownership rate. Data on wealth accumulation depicts even starker disparities: Black families’ net worth is 87% lower than that of white families and 33% lower than that of Hispanic families, according to the Federal Reserve’s 2019 Survey of Consumer Finances. Though the national picture is less than encouraging, economic outcomes for Black Americans are better in some places than others. In this study, we determined the cities where Black Americans fared best economically leading up to 2020. We compared 129 cities across six metrics: median Black household income, Black homeownership rate, Black labor force participation rate, poverty rate for Black residents, percentage of Black adults with a bachelor’s degree and percentage of business owners who are Black. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section at the end. It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter. Sponsored: How to find cheaper car insurance in minutes Getting a better deal on car insurance doesn’t have to be hard. You can have The Zebra, an insurance comparison site, compare quotes in just a few minutes and find you the best rates. Consumers save up to $670 per year, according to the site, so if you’re ready to secure your new rate, get started now.

10 Cities Where Black Americans Fare Best Economically

This story originally appeared on SmartAsset.com.

Nationwide, when it comes to wealth and personal finance success, Black Americans generally have less. U.S. Census Bureau data from 2019 shows that the median Black household income is 33% lower than the overall median household income and the Black homeownership rate is 22 percentage points lower than the general homeownership rate. Data on wealth accumulation depicts even starker disparities: Black families’ net worth is 87% lower than that of white families and 33% lower than that of Hispanic families, according to the Federal Reserve’s 2019 Survey of Consumer Finances.

Though the national picture is less than encouraging, economic outcomes for Black Americans are better in some places than others. In this study, we determined the cities where Black Americans fared best economically leading up to 2020. We compared 129 cities across six metrics: median Black household income, Black homeownership rate, Black labor force participation rate, poverty rate for Black residents, percentage of Black adults with a bachelor’s degree and percentage of business owners who are Black. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section at the end.

It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter.

Sponsored: How to find cheaper car insurance in minutes

Getting a better deal on car insurance doesn’t have to be hard. You can have The Zebra, an insurance comparison site, compare quotes in just a few minutes and find you the best rates. Consumers save up to $670 per year, according to the site, so if you’re ready to secure your new rate, get started now.

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