WELCOME TO THE 21 DAY EQUITY CHALLENGE DAY 6!
WEALTH AND INCOME
“Poverty and wealth inequality are a form of instability into the future.” – Travis Smiley
Wealth is more than just jobs. It includes annual median income, homeownership, access to a college education, access to workplace or self-employment retirement plans, and more. On nearly every measure, local racial wealth disparities are evident. This is true for traditional economic measures like banking, housing, and employment, as well as other measures that have a direct impact on the ability of individuals and families to earn good income and build wealth. In Tippecanoe County and within Greater Lafayette, disparities amongst these elements that contribute to wealth are evident across the board, with White non-Hispanic residents of Lafayette making on average 10% more in annual income than Black residents, and 46% of Black residents living at or below the poverty line as of 2019. The following economic statistics help demonstrate present disparities throughout Tippecanoe County:
- 16.7% of the Lafayette population lives below the poverty threshold, with the largest demographic in poverty being females ages 25 to 34.
- Median income for Lafayette as of 2019 was $46,374, a just over 1% increase from the previous year.
- Low-wage jobs have increased more than both medium and high-wage jobs.
In Indiana overall, men make an average of $20,000 more in annual income than women, with substantial differences evident even within professions. According to the 2018 ALICE (Asset Limited, Income Constrained, Employed) Report from Indiana United Ways, 37% of Indiana families struggled to make ends meet, and 13% of those households fell below the Federal Poverty Line (FPL). And double that amount (24%) qualified as ALICE households that same year.
Take a look at Tippecanoe County ALICE data here: 20_ALICE_Report_County_Pages_IN_5-8-20.pdf (iuw.org)
And the 2020 ALICE report here: 2020ALICEReport_IN-FINAL-5-26-20-Copy.pdf (iuw.org)