Color of Wealth in Chicago - The Chicago Community Trust

Introduction

Report Overview: Conducted by The New Schools Institute on Race, Power and Political Economy to examine wealth by race, ethnicity, and other factors in the Chicago metro area.
Purpose: To understand wealth disparity and its impact on financial security and planning for families.

Wealth Disparity: Significant differences in net worth among racial and ethnic groups in Chicago:
- White families have a median net worth of $210,000.
- Black households have a median net worth of $0.
- Foreign-born Mexican families: $6K; Puerto Rican families: $24K; U.S.-born Mexican families: $40.5K.
Homeownership and Financial Assets:
- 7 in 10 white families own homes; only one-third of Black families do.
- Less than 15% of Black and Latine households own stocks or retirement accounts.
- Home values for foreign-born Mexican families are significantly lower than for other groups.

Financial Security:
- White households have significantly more liquid assets compared to Black households.
- Home equity and retirement savings contribute to overall wealth disparity.
Incarceration Impact:
- Whites with a history of incarceration have half the net worth compared to peers without such history but still more than non-white groups.

Wealth Gap Mitigation: The Trust focuses on reducing the racial and ethnic wealth gap to foster economic prosperity.
Programs and Policies:
- "Here to Work" campaign for immigrant work rights.
- State-level property tax payment plans to help homeowners.
- Expanding mortgage products to include alternative credit measures.

Contact: Jennifer Axelrod, Senior Director of Learning and Impact.
Research Funders: Includes various funding organizations supporting the report and initiatives.

Mission: The Chicago Community Trust aims to build an equitable, prosperous Chicago region.
Contact Information: Provides details on how to engage with the Trust's work and initiatives.