A closer look at the racial and ethnic wealth gap in Pa. | The Numbers Racket

Pennsylvania had the 14th highest racial wealth gap among states with a ranking of 49.14

By: - February 21, 2022 6:30 am

A report released last month by WalletHub, a personal finance website, is shining light on the wealth gap among Americans of different races and ethnicities.

The ranking, which includes the District of Columbia, shows the size of wealth gaps by race and ethnicity in states across the country. 

Source: WalletHub

States were given points based on 21 weighted metrics, which included unemployment rates, homeownership rates, uninsured rates and poverty rates, using data from the U.S. Census Bureau and U.S. Bureau of Labor and Statistics. 

The higher the score, the greater the wealth gaps. 

The places with the highest score include: 

  • District of Columbia, 76.63 total points.
  • Wisconsin, 67.79 total points. 
  • Minnesota, 64.93 total points. 
  • Iowa, 63.31 total points. 
  • Connecticut, 56.87 total points. 

The places with the lowest score include: 

  1. West Virginia, 18.73 total points. 
  2. Hawaii, 20.70 total points. 
  3. Montana, 23.49 total points. 
  4. Florida, 25.58 total points. 
  5. Alaska, 25.99  total points. 

The Keystone State

Pennsylvania had the 14th highest racial wealth gap among states with a ranking of 49.14. 

Let’s take a look at the specifics: 

According to the report, Black Pennsylvanians are the most disadvantaged group when it comes to the biggest median household income gap, with a median gap of 40.95 percent compared to white Pennsylvanians. 

2021 homeownership rate gap over time

The most disadvantaged group in regards to homeownership is Hispanic Pennsylvanians with a homeownership gap of 44.67 percent compared to white Pennsylvanians. 

Hispanic Pennsylvanians are also the most disadvantaged group in terms of the poverty rate gap in the commonwealth with a gap rate of 215.73 percent compared to white Pennsylvanians, according to the report. 

When it comes to education attainment, Hispanic Pennsylvanians experience the biggest gap in getting an education with a rate of 51.30 percent compared to white Pennsylvanians.

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Cassie Miller
Cassie Miller

A native Pennsylvanian, Cassie Miller worked for various publications across the Midstate before joining the team at the Pennsylvania Capital-Star. In her previous roles, she has covered everything from local sports to the financial services industry.