Isabela Espadas Barros Leal is an associate editor for NBC News' diversity verticals based in New York.
The average wealth gap between white families and Black and Hispanic ones reached a new high in 2022, topping $1 million in household wealth, according to a new report. New research by the Urban Institute, a nonpartisan think tank focused on economic and social policy research, found that the average wealth of white families in 2022 reached a record high of over $1.3 million, compared to about $227,000 for Hispanic families and $211,000 for Black families.
1% in 2022, according to the report, while Black homeownership has gone from 38.2% to 44.3% in the same period. Hispanic and Asian families both saw their highest recorded average homeownership rates in 2022, at 51.1% and 63.2%, respectively, but still lagged behind the rates of white families. The research also found that significant disparities continue in individual lifetime earnings between white, Black and Hispanic people.
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