The median wealth of white households is 20 times that of black households and 18 times that of Hispanic households, according to a report released today by the Pew Research Center.

The report’s geographical analysis shows that in Florida median home prices dropped 38 percent between the end of 2005 and the end of 2009. That means that, along with Arizona, California, Michigan and Nevada, the median drop in household wealth for Florida Hispanics was around 88 percent.

The Pew report adds that “a disproportionate share of Hispanics live in California, Florida, Nevada and Arizona, which were in the vanguard of the housing real estate market bubble of the 1990s and early 2000s but that have since been among the states experiencing the steepest declines in housing values.”

The report finds that two out of every five Hispanics or Asians live in states where the home prices saw the lowest decline, while only one out of every five whites or blacks live in those same states.

It also adds that “the bursting of the housing market bubble in 2006 and the recession that followed from late 2007 to mid-2009 took a far greater toll on the wealth of minorities than whites.” Household wealth among Hispanics fell 66 percent, from more than $18,000 in 2005 to a little more than $6,000 in 2009, while black households saw a 53 percent decrease and white households a 16 percent fall in household wealth.

The report adds that “plummeting house values were the principal cause of the recent erosion in household wealth among all groups, with Hispanics hit hardest by the meltdown in the housing market.” The median level of home equity held by Hispanic homeowners declined by half, from about $100,000 to about $50,000, while the homeownership rate among Hispanics was also falling, from 51 percent to 47 percent from 2005 to 2009.

According to the Pew Hispanic Center, the 2010 Census counted 50.5 million Hispanics, about 16 percent of the total population.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Anti-choice group targets women Googling ‘abortion’

A Texas-based pro-life group has a serious problem with the way search engines work. Their problem, it seems, is that when a woman searches for “abortion” in Google, she is generally directed to ways in which she can obtain an abortion. Online For Life, a self-described non-profit outreach group, has found a way to change that. The group is buying Google ad space in the hopes of misdirecting women looking for information on abortions.

After pulling Heroic ad, MTV accused of being ‘pro-abortion’

Shortly after pulling an ad produced by controversial anti-abortion rights group Heroic Media, MTV is now being accused of supporting a pro-abortion agenda. Supporters of the ad argue that the network glamorizes teen pregnancy with hit shows like 16 & Pregnant and Teen Mom. But critics, including MTV execs, say that Heroic's antics do little more than stir up controversy.

New reports reveal billionaire Koch brothers have a hand in hiring FSU professors

Recent reports by the St. Petersburg Times and the Tallahassee Democrat reveal that the billionaire Koch brothers have very close ties to Florida's public university system. A foundation funded by Charles Koch, CEO of the regulation-fighting Koch Industries, is responsible for filling staff positions at Florida State University, which many say is an affront to academic freedom.