Dream Wired
No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
No Result
View All Result
Dream Wired
No Result
View All Result
Home DramaAlert

Why Are Black Women Facing Slow Economic Recovery?

rmtsa by rmtsa
November 8, 2023
in DramaAlert
0
Why Are Black Women Facing Slow Economic Recovery?
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Cardi B Reveals How Much She Spends on 3 Kids in Offset Rant

Roger Corman Collaborator Was 83

Diddy trial: Ex-employee ‘Mia’ alleges she was sexually assaulted by rapper – National

black women, economic money

by Atiya Jordan

November 8, 2023

The long-standing racial disparities in homeownership and employment continue to bolster an inequitable housing and labor market—even among Black women with higher levels of education. As a result, Black women are less likely to reap the benefits of an economic recovery.

The Great Recession led to a dramatic loss of wealth for generations of Black women, particularly in home equity. While the economy continues to recover, research studies have found evidence that Black women are falling further behind than other groups of people.

During the 1990s, single Black women were an emerging group of homebuyers, greatly outpacing growth among single white women and men for years to follow. But as the housing crisis of 2007 shook the economy, Black women faced the hardest hit losing 38% of their wealth, compared to 10% for white women.  At the same time, approximately 13% of Black women were unemployed, leaving them more vulnerable during economic downturns.

The Great Recession left Black households “headed by a college graduate with less wealth than white households headed by someone who dropped out of high school,” according to research.

“That fact coupled with other discriminatory and structural barriers inhibits the ability of blacks to translate their demographic and socioeconomic status into homeownership.”

For example, studies have shown that Black women were prime targets of racially motivated subprime targeting, regardless of income. This structural barrier brought on larger required down payments, higher cost mortgages and foreclosures.

Today, Black women get 64.1% of bachelor’s degrees, 71.5% of master’s degrees and 65.9%of doctoral, medical, and dental degrees. The highly educated group are purchasing homes at higher rates than Black men. However, Black women “consistently experience significant disparities when compared to their white counterparts – in unemployment, wages, access to key work-family supports, and in advancement opportunities – often reflecting the prevalence and combined effects of racial and gender bias,” a study found.

Over the years, Black women are not recovering their losses to nearly the same extent as the economy. It is unsurprising that the COVID-19 pandemic triggered a state of financial precarity.

VOLATILE LABOR MARKET

Unemployment: Black women are still experiencing an unemployment rate that is about twice that of white women. In June 2023, Black women over the age of 20 had an unemployment rate of 5.4 percent compared to 2.6 percent for white women. 
Lack of benefits: Data show that more Black women work in jobs that do not offer benefits like health insurance, retirement benefits, paid sick days, paid family or medical leave, or paid vacation time. During the pandemic, more than one in four Black women reported having no such benefits in their current or most recent job, compared to one in five white men.

UNEMPLOYMENT INEQUITY

Overrepresentation in the low- paid workforce: Black women are typically paid only 67 cents for every dollar spent by white men. As of 2023, Black women must work an additional 208 days to catch up to what white men earned the year before. More than one in three Black women worked in essential roles, such as childcare, health care, food service, and other front-line jobs before the pandemic started, compared to just 12.6% of white men. Many of these roles remain low-paid.

HOUSING INSECURITY

Disparities in subprime lending: In 2006, at the height of the boom, Black families making more than $200,000 a year were more likely, on average, to be given a subprime loan than a white family making less than $30,000 a year. Blacks were 2.8 times more likely to be denied a loan. When they were approved, blacks and Latinos were 2.4 times more likely to receive a subprime loan than white applicants.
Foreclosures: During the boom, cheap credit and relaxed lending standards not only precipitated a worldwide financial crisis but intensified foreclosures and segregation. Many Black families were displaced from more stable communities to more racially isolated and impoverished neighborhoods.
Unaffordable housing: Although the COVID-19 pandemic saw a spike in house prices, Black women recovered faster and continued buying properties. However, Black homeowners are spending more than 30% of their income on housing. 

The long-standing racial disparities in homeownership and employment continue to bolster an inequitable housing and labor market—even among Black women with higher levels of education. As a result, Black women are less likely to reap the benefits of an economic recovery.

RELATED CONTENT: Goldman Sachs’ Black Women Initiative Reveals Financial Struggles Caused By Workplace Disparities



Source link

Tags: BlackeconomicFacingRecoverySlowWomen
Share30Tweet19
rmtsa

rmtsa

Recommended For You

Cardi B Reveals How Much She Spends on 3 Kids in Offset Rant

by rmtsa
May 31, 2025
0
Cardi B Reveals How Much She Spends on 3 Kids in Offset Rant

In a heated rant against her estranged husband after he filed for spousal support, the rapper listed how much she allegedly drops on their kids' babysitter, personal driver,...

Read more

Roger Corman Collaborator Was 83

by rmtsa
May 31, 2025
0
Roger Corman Collaborator Was 83

Frances Doel, neé Frances Margaret Doel, writer-producer-executive known for her work with indie film legend Roger Corman, died May 26 after a long illness. She was 83. Doel...

Read more

Diddy trial: Ex-employee ‘Mia’ alleges she was sexually assaulted by rapper – National

by rmtsa
May 31, 2025
0
Diddy trial: Ex-employee ‘Mia’ alleges she was sexually assaulted by rapper – National

NOTE: The following article contains disturbing details and video footage. Please read at your own discretion. A woman identified only as the pseudonym “Mia,” a former assistant of Sean...

Read more

Cannes Cuties Keith Powers, Davon Godchaux, Evan Ross, Chanel Iman & Ryan Destiny Dominate The French Riveria With Rémy Martin

by rmtsa
May 31, 2025
0
Cannes Cuties Keith Powers, Davon Godchaux, Evan Ross, Chanel Iman & Ryan Destiny Dominate The French Riveria With Rémy Martin

Rémy Martin celebrated cinematic excellence at the 2025 Cannes Film Festival alongside posh power players, including actors, an NFL player, and a model. Source: Rémy Martin The French...

Read more

Taylor Swift Has Regained Control Over All Her Music After Buying Back Her First Six Albums • Hollywood Unlocked

by rmtsa
May 31, 2025
0
Taylor Swift Has Regained Control Over All Her Music After Buying Back Her First Six Albums • Hollywood Unlocked

The Ladies In Music Are Stepping Up — Taylor Swift Just Took Her Power Back The ladies in the entertainment industry are not playing! This Friday, mega star...

Read more
Next Post
‘The Lincoln Lawyer’ Season 2 — Trailer, Cast, and What to Expect

'The Lincoln Lawyer' Season 2 — Trailer, Cast, and What to Expect

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized

CATEGORIES

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
No Result
View All Result

Recent News

  • Baddest Flight Attendants In The Game
  • Iowa Senator Joni Ernst’s Medicaid Dig
  • Legends Struggles in Box Office Bow, Lilo & Stitch No. 1

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In