ASSETS AND

INEQUALITY IN

DURHAM

PA Quarterly Membership Meeting – Jan. 2014

Carl Rist

Income and Asset Poverty in America

Asset Poverty: Households

with little or no financial

cushion if crisis leads to a

loss of income.

Income and Asset Poverty in America

Income and Asset Poverty in America

Liquid Asset Poverty:

Households with little or no

financial cushion if crisis

leads to a loss of income

(not including assets such

as a house or car).

43% is 127.5 million people

Asset Poverty: Households

with little or no financial

cushion if crisis leads to a

loss of income.

A household is considered

liquid asset poor if it

does not have sufficient

liquid assets (e.g., bank

accounts and other

financial assets) to live at

the poverty level for three

months in the absence of

income.

Income and Asset Poverty in America

Liquid Asset Poverty:

Households with little or no

financial cushion if crisis

leads to a loss of income

(not including assets such

as a house or car).

Asset Poverty: Households

with little or no financial

cushion if crisis leads to a

loss of income.

43% is 127.5 million people

20%

34%

white

white

Significant racial

disparities

www.cfed.org

@CFEDNews

Asset Poverty in Comparison

0%5%

10%15%20%25%30%35%40%45%

Asset Poverty in North Carolina Communities

City

County

www.cfed.org

@CFEDNews

Who is Asset Poor in Durham

County?

21%

49%

56%

49%

0%

10%

20%

30%

40%

50%

60%

White Black Latino All Households ofColor

Asset Poverty by Race & Ethnicity

www.cfed.org

@CFEDNews

Asset Poverty by Race in

Comparison

0%

10%

20%

30%

40%

50%

60%

Asset Poverty by Race in North Carolina Communities

White

African-American

Latino

www.cfed.org

@CFEDNews

Who is Asset Poor in Durham?

49%

40%

27%

16%

0%

10%

20%

30%

40%

50%

60%

High School Only 2 Yr Degree Bachelor'sDegree

Advanced Degree

Asset Poverty by Educational Attainment

www.cfed.org

@CFEDNews

Who is Asset Poor in Durham?

63%

48%

30%

18%

7%

0% 20% 40% 60% 80%

Below $24,987

$24,988-$45,654

$45,655-$70,014

$70,015-$107,289

Above $107,289 30% of Households above

Poverty Line

67% of Households below

Poverty Line

2011 Poverty Line (family of 3): $18,530

Asset Poverty by Income

www.cfed.org

@CFEDNews

Other Asset Ownership is not

Equally Distributed in Durham

City of

Durham

Durham

County

North

Carolina

United

States

Homeownership

Rate51.3% 55.6% 67.6% 65.9%

Source: U.S. Census Bureau, 2007-2009 American

Community Survey

City of

Durham

Durham

County

North

Carolina

United

States

Adults with

Bachelor’s

Degrees46.5% 44.6% 26.3% 28.0%

Source: U.S. Census Bureau, 2007-2009 American

Community Survey

65%

43%29%

44%

0%

20%

40%

60%

80%

White Black Latino Asian

Homeownership by Race

64%

30%18%

83%

0%

50%

100%

White Black Latino Asian

Bachelor’s Degrees by Race

www.cfed.org

@CFEDNews

Credit & Debt in Durham

Durham County North Carolina United States

Consumers with

Subprime Credit

Scores

57.0% 58.6% 56.8%

Borrowers 90+ Days

Overdue4.1% 3.9% 4.4%

Average Credit Card

Debt$10,718 $11,405 $11,381

Average Installment

Debt$29,346 $23,623 $23,669

Source: TransUnion Trend Data, Quarter 4, 2010

Many consumers face credit constraints and high levels of debt