These policies could help close Chicago’s wealth gap [Video]

CHICAGO (WBBM NEWSRADIO) — Advocates for the poor are proposing policy changes to help close racially driven gaps in family wealth across Chicago.

In a report titled “The Color of Wealth in Chicago,” which is released annually by the Chicago Community Trust, researchers found that white families reported a median net worth of over $200,000. African American families, meanwhile, reported having a median net worth of zero dollars. No savings, no cushion.

The report found that an estimated 72% of white families own a home, compared to an estimated 34% of Black families. Andrea Saenz, president of the Chicago Community Trust, said helping people become homeowners is an important way to build wealth.

“There are many different initiatives underway across Chicago … about how to help moderate income people get into a position where they can afford a mortgage,” Saenz said. “Even in these really difficult times with high interest rates, there are community-based organizations that are testing out lots of different ways …