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Where The Money Resides: The Top Cities For Black People Financially
When looking at national data, Black Americans are far behind the rest of the population when it comes to wealth and financial success.
U.S. Census data shows that the median Black household income is 33% lower compared to the overall median household income, and the Black homeownership rate is 22 percentage points lower than the rest of the population.
But there are some cities where Black Americans are defying the odds.
SmartAsset analyzed 129 of the largest cities to find where Black Americans fare best economically.
“We considered factors including the median Black household income, Black homeownership rate, percentage of Black adults with a Bachelor’s degree and Black business-ownership rate, among other metrics,” analysts said in a statement.
So, where are Black people securing the bag?
Six of the top 10 cities are in Texas, Florida, and North Carolina. These cities are Grand Prairie and Garland, TX; Pembroke Pines and Miramar, FL; and Charlotte and Durham, NC.
In both the Texas and Florida cities, the median Black household income is higher than $61,000, and the Black homeownership rate is 46% or higher – compared to study-wide averages.
In the North Carolina cities, locales, more than 30% of Black adults have their Bachelor’s degree, and at least 3% of businesses are Black-owned – compared to study-wide averages.
The Top 10 Cities For Black People
1. Virginia Beach, Virginia (tie)
1. Grand Prairie, Texas (tie)
3. Aurora, Illinois (tie)
3. Pembroke Pines, Florida (tie)
5. Miramar, Florida
6. Charlotte, North Carolina
7. Garland, Texas
8. Durham, North Carolina
9. Enterprise, Nevada
10. Elk Grove, California
You can take a look at the report in its entirety on Smart Asset’s website by clicking here.