"Access to affordable housing and a good education which would propel individuals out of poverty are slim in neighborhoods where many African Americans reside," Basil Smikle told Sputnik.
On Wednesday, the Urban Institute published a study which suggests that white American families are more than seven times wealthier that those African American families and six times more well-off than Hispanic families in 2013 on average. The report shows that minorities are less likely to own their own homes, and have lower rates of retirement savings than their white counterparts, which exacerbate the wealth inequality.
Basil Smikle explained that racial disparity in the United States is a historical phenomenon, which has been worsening over the past few years. He stressed that wealth and savings are difficult to accumulate when income is low and a substantial portion of income must be dedicated to housing and health care – the issues most troublesome for African-Americans.
"Whereas many African Americans bought homes prior and during the housing collapse, the value of their homes has decreased far quicker and steeper than whites," Smikle said, explaining that since these homes were in neighborhoods seen as predominantly African-American, they did not have the appeal of some other areas.
These areas also traditionally have low standards of education, and lack the ability to provide necessary skills for college retention that creates a high income trajectory, Smikle said.
To end the ever-growing racial disparity, the Urban Institute suggests reform of federal policies, to promote asset building by lower income families.
