North Carolina is home to two cities where black Americans are the most financially successful, according to a new report.
Charlotte and Durham earned the top 10 spots on a nationwide list of places to Black residents “do the best economically” according to results released this month by SmartAsset.
To determine the ranking, the personal finance website said it studied census data from 129 of the largest US cities. Next, he weighed business and homeownership, median income, labor force participation, education, and poverty rates of black residents in each location before 2020.
Of the North Carolina cities on the list, Charlotte ranks highest at No. 6. Although the results show that the median income of black residents in the city was “relatively low,” it scored higher. high in other categories.
“Over 30% of black adults have their bachelor’s degrees and almost 4% of businesses in the greater Charlotte area are black-owned, both of which are in the top 25,” SmartAsset said.
Further down the list was Durham, who took eighth place. The city has also received nods from the portion of black residents who have gone to college or run their own businesses.
Durham and Charlotte also had one of the lowest poverty rates for black residents, according to the findings, and some of the highest rates for black people aged 16 and over participating in the labor force.
In total, Virginia Beach and Grand Prairie, TX are tied for first in the SmartAsset rankings. Raleigh was the only other city in North Carolina in the top 35, scoring 20th place.
Although cities are designated as places where black Americans can prosper economically, SmartAsset said families in this group generally accumulate less wealth than white and Hispanic Americans, as well as lower than typical homeownership rates.
In 2016, the average net worth of a white family in the United States was $ 171,000 – ten times higher than the average net worth of a black family, according to the Brookings Institution, which cited centuries of discriminatory policies against the black community as the reason for the disparity.
The SmartAsset report analyzed data from 2019, ahead of businesses shutting down across the country in March 2020 to help stop the spread of COVID-19. Residents of North Carolina and elsewhere have lost their jobs or experienced other economic hardships.
While the coronavirus has infected black residents of North Carolina at a disproportionate rate, experts say a lack of communication, skepticism and other factors could have led to it. under-represented group in the state’s initial vaccine rollout.