Hispanics Say They Have the Worst of a Bad Economy
A majority of Latinos believe that the economic downturn that began in 2007 has been harder on them than on any other ethnic group in America.
A majority of Latinos believe that the economic downturn that began in 2007 has been harder on them than on any other ethnic group in America.
Median household wealth among Hispanics fell from $18,359 in 2005 to $6,235 in 2009—a 66% decline. This was larger than the decrease for black households (53%) and white households (16%), according to an analysis of newly-available Census Bureau data by the Pew Research Center’s Social & Demographic Trends project.
Almost one-in-ten (9%) Latino homeowners say they missed a mortgage payment or were unable to make a full payment and 3% say they received a foreclosure notice in the past year.
Latinos have distinct demographic and economic characteristics that give them a unique stake in the debate over the future of Social Security.
According to the study, the median net worth of Hispanic households in 2002 was $7,932. This was only nine percent of $88,651, the median wealth of non-Hispanic White households at the same time. The net worth of Non-Hispanic Blacks was only $5,988. Thus, the wealth of Latino and Black households is less than one-tenth the wealth of White households even though Census data show their income is two-thirds as much.