State-Of-Black-Oregon-2015

CHAPTER 6PROSPERITY & OPPORTUNITYJust as the indicators of poverty shift over time, so too must our solutions.Given the rising cost of living and debt, income is no longer poverty’s singlemost accurate measure. Policymakers need to pay closer attention to theeffects of multi-generational poverty, high-interest rate loans, credit card debt,poor access to business capital, low wages, part-time employment and financialsystems that are hard to navigate. These factors combined with inherited povertyacross generations have a cumulative effect on many Black families’ ability to buildwealth and assets.Financial stability of the next generation needs to be a priority for policymakers; it is an opportunityto advance the security of the Black middle class. Improving wages and income, entrepreneurshipopportunities, financial literacy and retirement security and ensuring affordable childcare can all play arole in building equity within Oregon’s Black communities.Home Ownership vs. Renting(2010)Median Net Worth of National Households(2013)Black32.3 % ownership 67.7 % rentBlack$11,000(down 43% since 2007)White65.2 % ownership 34.8 % rentWhite$141,900(down 26% since 2007)Cost-burdened Households(households spending 30% or more of their income on housing costs,2006–2010)100%Black household, OregonBlack household, U.S.White household, OregonWhite household, U.S.Number of Black-ownedSmall Businesses(per 100 small businesses in Oregon)1.280%60%40%20%