Economic Background
- The median income of African-American households in Cincinnati was under $25,000 per year in 2015. The median income of white households in Cincinnati is over $57,000. A similar divide exists on a national level. This is one reason that the majority of African-Americans rent while the majority of white households own their homes.
- Seventy three percent of whites own a home, compared to 47% of Latinos and 45% of blacks. Whites now have 12 times the wealth of blacks and nearly 10 times more than Hispanics.
- The net worth of the average homeowner is $190,000 higher than the average renter. The wealth gap runs along racial and ethnic lines. People of color are more dependent than white households on charity and public programs in emergencies. They are vulnerable to homelessness, hopelessness, crime and violence. We can change this by creating a third option in housing - a renting partnership.
