2008 Financial Crisis Devastates Black Wealth; Median Black Household Net Worth Falls 53%

The 2008 financial crisis, driven in part by predatory subprime mortgage lending concentrated in Black and Latino neighborhoods, devastated Black household wealth. Between 2005 and 2009, median Black household net worth fell 53 percent — from $12,124 to $5,677 — compared to a 16 percent drop for white households. The Pew Research Center documented the widest Black-white wealth gap in 25 years.