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10 Cities Black Families Are Doing The Best Economically — But They Aren’t Exactly Rich!

In his classic special “Never Scared,” Chris Rock explains the difference between being rich and being wealthy, especially when looking at the difference between races.

“Shaq is rich. The white man that signs his check is wealthy,” said Rock. “I ain’t talking about Oprah; I’m talking about Bill Gates, ok? If Bill Gates woke up tomorrow with Oprah’s money, he’d jump out a f**cking window.”
“Wealth is passed down from generation to generation. You can’t get rid of wealth. Rich is some sh*t you can lose with a crazy summer and a drug habit.”

Even though Rock’s 2004 HBO comedy special is over a decade old, his points on economic inequality still ring true today.

While we have rich blacks in America, financial inequality is pervading this country and it’s is only getting worse. Whites now have 12 times the wealth of blacks and nearly 10 times more than Hispanics. But in 1995, the spread was only 7 times for blacks and 6 times for Hispanics according to CNN Money.

The Atlanta Journal-Constitution recently published a survey of the top 10 U.S. cities in which African-Americans are doing the best economically. The ratings were based on median household income, home ownership rate, and the percent of those self-employed. While they are doing the best economically, they aren’t exactly rich and the ones that are rich are far from wealthy.

Here are the top 10 cities Black families are doing the best economically:

Atlanta, GA – Median household income: $41,047. Home ownership rate: 51.5 percent. Self-employed: 17.1 percent.

Raleigh, NC – Median household income: $42,285. Home ownership rate: 46.7 percent. Self-employed: 12.8 percent.

Washington, DC
– Median household income: $64,896. Home ownership rate: 49.2 percent. Self-employed: 15.1 percent.

Charlotte, NC – Median household income: $36,522. Home ownership rate: 43.9 percent. Self-employed: 13.6 percent.

Baltimore, MD – Median household income: $47,898. Home ownership rate: 46.2 percent. Self-employed: 15 percent.

Virginia Beach-Norfolk, VA – Median household income: $40,677. Home ownership rate: 43.8 percent. Self-employed: 13.2 percent.

Orlando, FL – Median household income: $33,982. Home ownership rate: 43.8% percent. Self-employed: 11 percent.

Miami, FL – Median household income: $36,749. Home ownership rate: 44.9 percent. Self-employed: 11.2 percent.

Richmond, VA – Median household income: $38,899. Home ownership rate: 47.8 percent. Self-employed: 12.7 percent.

San Antonio, TX – Median household income: $41,681. Home ownership rate: 40.8 percent. Self-employed: 9.3 percent.

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About AJ Woodson (2322 Articles)
AJ Woodson is the Editor-In-Chief of Black Westchester and Co-Owner of Urban Soul Media Group, the parent company. AJ is a Father, Brother, Author, Writer, Journalism Fellow, Rapper, Radio Personality, Hip-Hop Historian and A Freelance Journalist whose byline has appeared in several print publications and online sites including The Source, Vibe, the Village Voice, Upscale, Sonicnet.com, Launch.com, Rolling Out Newspaper, Spiritual Minded Magazine and several others.
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