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Racial And Ethnic Disparities In Housing Distress During The Pandemic
from the St Louis Fed
The COVID-19 pandemic has caused widespread disruption to family financial stability, among many other things. According to the Census Bureau’s Household Pulse Survey, around 18.6 million Americans reported experiencing housing distress (defined as falling behind on mortgage or rent payments) during the period of Jan. 20 to Feb. 1, 2021.
Falling behind on payments can lead to eviction or foreclosure, both of which can be devastating for households’ financial, physical and mental health. Furthermore, loss of housing during the pandemic can lead to greater transmission of the COVID-19 virus through the inability to shelter at home and overcrowding of shelters and the homes of family and friends, undermining a critical public health goal.
Disparities By Race, Ethnicity And Education Underlie Millennials Comeback In Wealth
from the St Louis Fed this post authored by Ana Hernflndez Kent, Senior Researcher, Institute for Economic Equity; and Lowell R. Ricketts, Data Scientist, Institute for Economic Equity
In the first post of this series, we found that older millennials (those born in the 1980s) had made significant gains in family wealth. They were only 11% below wealth expectations as of 2019, versus 40% below expectations in 2016. By “wealth expectations, we mean a predicted level based on the wealth held by families in that generation and earlier generations at similar ages.
Millennials Are Catching Up In Terms Of Generational Wealth
from the St Louis Fed this post authored by Ana Hernflndez Kent, Senior Researcher, Institute for Economic Equity; and Lowell R. Ricketts, Data Scientist, Institute for Economic Equity
In 2018, we published an essay in our Demographics of Wealth series in which we explored the impact of the Great Recession on young families. Our results showed that families headed by those born in the 1980s[ 1] (referred to as “older millennials, the youngest group we analyzed at the time) were about 34% below wealth expectations. (By “wealth expectations, we mean a predicted level based on the wealth held by families in that generation and earlier generations at similar ages.) This led us to ponder whether older millennials would become part of an economically “lost generation.