Support the Institute in closing the wealth gap in New Jersey
Economic justice remains the great unfinished business of the civil rights movement. Fifty years ago, Dr. Martin Luther King Jr. spoke about the existence of “two Americas” sharply divided by race and economic circumstance. The Institute is committed to bridging the “two New Jerseys” through research and advocacy.
Median net wealth for white families
Median net wealth for Black families
Not only are New Jersey’s racial economic inequities immense on the state level overall – but we see them across all of our counties when it comes to homeownership, income, poverty, health insurance coverage and digital access
Read the Institute’s report to discover how a robust baby bonds program will help close New Jersey’s devastating racial wealth gap.
New Jersey has one of the highest racial wealth gaps in the country – a staggering $300,000 – which is almost twice that of the national racial wealth gap.
Black homeownership matters. Homeownership inequity is a primary driver of the racial wealth gap in New Jersey – one of the highest in the nation. Unfortunately, Black New Jerseyans lack the same access to homeownership and wealth gains from homeownership afforded to white people in the state. Today, just 38.4% of Black New Jersey households own homes compared to 75.9% of white New Jersey households. In addition, the typical white family in New Jersey has $132,000 in home equity, while the typical Black family rents so they have $0 in housing wealth.
The report reveals that New Jersey is one of the most prosperous states in the nation, but is, at the same time, characterized by some of the starkest racial and economic inequities.
This report explores the stark racial inequities in the Garden State before the COVID-19 pandemic and how the ensuing public health crisis has compounded them.
The report shines a light on how generations of structural racism in housing have led to the gaping racial wealth gap in the Garden State, and offers bold proposals to address the problem.
The report aims to chart the path forward for students in the Garden State, with a particular eye toward supporting Black and other students of color who were already bearing the disproportionate brunt of student loans before the pandemic began.