A new report shows differences in wealth and assets by race and ethnicity in Chicago:

Disparities across groups are stark. According to the study, data collected in 2022 showed Chicago’s white families have the highest median net wealth ($210,000), while typical Black families report no wealth ($0). Chicago’s U.S.-born Mexican families have 19% ($40,500) of a typical white family’s wealth, while foreign-born Mexican families have 3% ($6,000) and Puerto Rican families have 11% ($24,000).

As for median asset values, Black families have $20,000, foreign-born Mexican families have $26,000 and white families have $325,500.

The study also found Black families had the lowest estimated rate of home ownership at 34%, while white families had the highest at 72%, reflecting the city’s historic discrimination against people of color through redlining, racial covenants, a lack of checking or savings accounts, and payday lending, where unsecured loans with high interest rates are used as emergency financing that keeps borrowers in a cycle of long-term debt.

The researchers asked people about possible interventions:

“The Color of Wealth in Chicago” study also surveyed people about potential policy proposals for addressing structural economic disparities. Data shows that public support for interventions on local and federal levels would have a meaningful impact on racial wealth inequities. Wealth-building options such as guaranteed income projects, a Medicare for All program, and baby bonds, which are government-issued trust accounts for newborns, garnered support from the bulk of respondents, including families at or above the median net worth.

Wealth matters because it affects all kinds of life chances, including where people live, access to education and medical care, and nearby jobs.

While these figures echo national patterns, Chicago (and the region) also has a particular history that contributed to these gaps. See a recent court settlement intended to help address public housing discrimination or efforts in nearby Evanston to provide reparations for housing or suburban discussions about who affordable housing is intended for. To assume that federal and/or state policies alone will address these disparities misses the potential to develop and harness local collective will and resources. Wasn’t this part of conversations about the legacy of former mayor Rahm Emanuel and whether his policies favored downtown or the whole city? Could the whole region come together to address these concerns (which are not just limited to the city of Chicago)? Wouldn’t addressing these disparities now help lead to a better future for more people?