Editor’s note: An earlier version of this article failed to draw a distinction between the City of Atlanta and the larger metro region.
Metro Atlanta remains the nation’s hub for Black-owned businesses according to a recent analysis. It’s nation-leading 8.8% of businesses within the Peach State’s capital that helped earn metro Atlanta its top-five placement in Lending Tree’s most recent rankings of the places where Black Americans are thriving.
“The financial challenges that Black Americans face are evident,” Lending Tree reported. “An ever-moving target, the net worth of Black families in America is typically a fraction of that of white families — with recent data showing that a white family’s median net worth is nearly eight times that of a Black family.”
From median incomes to homeownership rates, five U.S. cities ultimately earned high rankings for narrowing the financial gap for Black Americans. The District of Columbia is where they thrive the most, while Austin, Texas, took home the second highest ranking. Provo, Utah, and Poughkeepsie, N.Y., were the third and fourth best cities, respectively. Metro Atlanta made the rankings in fifth place.
“Add it all up, along with myriad other factors, and it becomes clear that Black Americans face a far windier, rockier and more uncertain path toward prosperity than many other Americans,” LendingTree chief credit analyst Matt Schulz said in the report.
In metro Atlanta, Black residents have a median household income of $58,684. Roughly 24.9% of Black households make $100,000 or more, and 49.8% are homeowners.
“Our study highlights some areas in the country where Black Americans are doing well financially,” Lending Tree reported. “But it’s crucial to note that — even in those places — the Black population encounters the same financial barriers Black residents in less prosperous areas face.
“The causes of those challenges are deeply rooted in the country’s history, policies and practices. However, acknowledging and addressing them is crucial to reducing the economic gaps the Black population experiences.”
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