Racial Wealth Divide in South Bend_ProsperityNow_Final_Rev

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The Racial Wealth Divide in South Bend SEPTEMBER 20172 For more information, visit www.prosperitynow.org Dear Reader, The racial wealth divide is broad and deep in thousands of communities across the United States. This issue of wealth inequality has a multitude of ramifications for communities and families. In South Bend, Indiana, the racial wealth divide is a challenge to economic development and symptomatic of a city dealing with the after-effects of the deindustrialization of the Midwest. The Racial Wealth Divide Initiative at Prosperity Now developed this profile in partnership with the City of South Bend to better understand how racial economic inequality affects South Bend. It is designed to be a step forward in advancing and strengthening resources for the people of South Bend. How do I use this profile? This profile presents data on economic inequality in South Bend. The statistics presented here may seem overwhelming, but we know that with more information about the challenges of racial economic inequality, there is greater opportunity to identify practices and policies that can advance the economy for all people. How does South Bend, Indiana, compare to the rest of the nation? South Bend, Indiana, is a “small big city,” with a population just over 100,000 residents. More than 40% of residents are people of color, with African Americans and Hispanics comprising the largest portion of the minority population. South Bend has weaker economic indicators compared with the country as a whole, with the state of Indiana and even with St. Joseph County, in which South Bend is located. An economic indicator in South Bend’s favor is its comparatively low cost of living, with median home values at about half the national average. Nevertheless, homeownership rates in South Bend are still relatively low. Racial economic inequality between African American and White households in South Bend is worse than it is nationwide. While the racial economic inequality between Latinos and Whites in South Bend is smaller than that found across the country. Finally, the small Asian American population in South Bend faces substantially tougher economic realities, compared both to Asian Americans nationwide and to White families in South Bend. What’s next? South Bend, Indiana, is working hard to develop a stronger and more sustainable economy for its residents. Its commission of this report is evidence that it is committed to ensuring that economic development reaches everyone in the city. The Racial Wealth Divide Initiative at Prosperity Now is grateful to have had the opportunity to work with South Bend to highlight the city’s racial economic inequality, and we hope that this profile can help inspire action and planning to better address this issue. Sincerely, Dedrick Asante-MuhammadSenior Fellow, of the Racial Wealth Divide Initiative at Prosperity Now The Racial Wealth Divide in South Bend