ASSETS AND INEQUALITY IN DURHAM PA Quarterly Membership Meeting – Jan. 2014 Carl Rist
Jul 02, 2015
ASSETS AND
INEQUALITY IN
DURHAM
PA Quarterly Membership Meeting – Jan. 2014
Carl Rist
Income and Asset Poverty in America
Asset Poverty: Households
with little or no financial
cushion if crisis leads to a
loss of income.
Income and Asset Poverty in America
Income and Asset Poverty in America
Liquid Asset Poverty:
Households with little or no
financial cushion if crisis
leads to a loss of income
(not including assets such
as a house or car).
43% is 127.5 million people
Asset Poverty: Households
with little or no financial
cushion if crisis leads to a
loss of income.
A household is considered
liquid asset poor if it
does not have sufficient
liquid assets (e.g., bank
accounts and other
financial assets) to live at
the poverty level for three
months in the absence of
income.
Income and Asset Poverty in America
Liquid Asset Poverty:
Households with little or no
financial cushion if crisis
leads to a loss of income
(not including assets such
as a house or car).
Asset Poverty: Households
with little or no financial
cushion if crisis leads to a
loss of income.
43% is 127.5 million people
20%
34%
white
white
Significant racial
disparities
www.cfed.org
@CFEDNews
Asset Poverty in Comparison
0%5%
10%15%20%25%30%35%40%45%
Asset Poverty in North Carolina Communities
City
County
www.cfed.org
@CFEDNews
Who is Asset Poor in Durham
County?
21%
49%
56%
49%
0%
10%
20%
30%
40%
50%
60%
White Black Latino All Households ofColor
Asset Poverty by Race & Ethnicity
www.cfed.org
@CFEDNews
Asset Poverty by Race in
Comparison
0%
10%
20%
30%
40%
50%
60%
Asset Poverty by Race in North Carolina Communities
White
African-American
Latino
www.cfed.org
@CFEDNews
Who is Asset Poor in Durham?
49%
40%
27%
16%
0%
10%
20%
30%
40%
50%
60%
High School Only 2 Yr Degree Bachelor'sDegree
Advanced Degree
Asset Poverty by Educational Attainment
www.cfed.org
@CFEDNews
Who is Asset Poor in Durham?
63%
48%
30%
18%
7%
0% 20% 40% 60% 80%
Below $24,987
$24,988-$45,654
$45,655-$70,014
$70,015-$107,289
Above $107,289 30% of Households above
Poverty Line
67% of Households below
Poverty Line
2011 Poverty Line (family of 3): $18,530
Asset Poverty by Income
www.cfed.org
@CFEDNews
Other Asset Ownership is not
Equally Distributed in Durham
City of
Durham
Durham
County
North
Carolina
United
States
Homeownership
Rate51.3% 55.6% 67.6% 65.9%
Source: U.S. Census Bureau, 2007-2009 American
Community Survey
City of
Durham
Durham
County
North
Carolina
United
States
Adults with
Bachelor’s
Degrees46.5% 44.6% 26.3% 28.0%
Source: U.S. Census Bureau, 2007-2009 American
Community Survey
65%
43%29%
44%
0%
20%
40%
60%
80%
White Black Latino Asian
Homeownership by Race
64%
30%18%
83%
0%
50%
100%
White Black Latino Asian
Bachelor’s Degrees by Race
www.cfed.org
@CFEDNews
Credit & Debt in Durham
Durham County North Carolina United States
Consumers with
Subprime Credit
Scores
57.0% 58.6% 56.8%
Borrowers 90+ Days
Overdue4.1% 3.9% 4.4%
Average Credit Card
Debt$10,718 $11,405 $11,381
Average Installment
Debt$29,346 $23,623 $23,669
Source: TransUnion Trend Data, Quarter 4, 2010
Many consumers face credit constraints and high levels of debt