Dec 6, 2024 Story by: Editor
According to the latest Census data, Black residents in New Jersey earn the least compared to other demographic groups. In 2023, the median income for Black residents in the state was $68,896, significantly lower than the statewide median of $99,781.
A recent report from the Brookings Institution, a nonprofit based in Washington D.C. that conducts nationwide policy research, points to a wealth gap that persists despite some improvement in Black wealth. This ongoing disparity is largely attributed to the historical and current effects of discriminatory practices.
“Past and present discrimination in critical markets, including housing, banking, taxation, higher education, and more, result in lower average wealth for Black families,” the report explains.
On the other hand, Asian residents had the highest median income at $151,483, followed by White residents, who earned a median income of $110,147. The Asian population in New Jersey is diverse, encompassing groups such as Hmong and Indian Americans.
A 2021 Pew Research Center report highlights that earnings within the Asian community can vary greatly. Notably, Indian and Filipino subgroups earn higher-than-average incomes, while most other Asian-origin groups fall below the national median for Asian Americans.
The data referenced is adjusted for 2023 inflation, and the figures come from the American Community Survey, which offers a snapshot of U.S. living conditions. Source: mosaic
