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Tuesday
Jul262011

Report: The Recession’s Impact on Household Wealth by Race and Ethnicity 

Brand X Pictures/Thinkstock(WASHINGTON) -- Hispanic household wealth fell by 66 percent from 2005 to 2009 -- the largest percentage drop amongst all racial and ethnic groups according to a report released Tuesday by the Pew Research Center's Social & Demographic Trends project.

Hispanic median household wealth fell from $18,359 in 2005 to $6,325 in 2009. The median household wealth among blacks declined 53 percent, and 16 percent among white households during the same period.

The Pew Research report finds plummeting house values to be the main reason for the decline of wealth, and Hispanics were the ethnic group hardest hit by the housing market downturn.

The median wealth of white households is 18 times that of Hispanic households, and 20 times that of black households.

The findings are based on data from the Survey of Income and Program Participation (SIPP), an economic questionnaire distributed periodically to tens of thousands of households by the U.S. Census Bureau, as analyzed by the Pew Research Center.

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