Top Cities for Black Millennials in 2018

2018 is looking to be one of the better years for African Americans…financially.

The unemployment rate is at a record low of 6.8%, the lowest the government has seen among African Americans since it started keeping track in 1972. For 46 years this rate has not fallen below 7%. Increases in labor wages, a higher percentage of African Americans earning college degrees, and FORMER PRESIDENT OBAMA can be thanked for this lower unemployment rate. Don’t @ me.

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 So, what does this mean?

Throughout United States history, the racial unemployment gap has long been wide. It was highest in the 1980’s under President Reagan with an African American unemployment rate of ~20%. The current drop in the African American unemployment rate is definitely something to watch, and we should specifically watch where. The unemployment rate has fluctuated dramatically over time, but the pattern of high unemployment among African Americans still remains significantly higher than the white unemployment rate and is continually greater in certain cities across the country.

“One of the great ironies of our time is that the best opportunities for African-Americans now lie in the South, from which so many fled throughout much of the 20th century.”

At present, the south is the place to be ( 👀) for economic growth. The south has actually dominated the top spots of published lists for the past few years.

Who says?

A few factors go into determining which cities are the best for a particular racial class. These features include, but are not limited to level of education, median household income, level of migration, job opportunities, and home ownership. Below is a list of the top five cities in the country where African Americans are seemingly living their best financial lives. This list was populated based on factors the are indicative of obtaining middle class social status: self-employment, home ownership, median household income, and demographic trend.

Now, the top cities for African Americans in 2018

1 (Tie): Washington DC

They call it chocolate city for a reason. Head on over to D.C., pick you up one of those good gov jobs, and bask in the warmth of your people while ignoring the shenanigans of the current administration. As of 2016, the median household income in D.C. is $69,246 and the homeownership rate is 48.3%.

1 (Tie): Atlanta, Georgia

Scooch on down to “hotlana” where you can pretend you’re one of the real housewives or just bump into one. The median household income is $48,161 and the homeownership rate is 44.7%.

3: Austin, Texas

Everything really is bigger in Texas. And with Texas counties growing faster than any other in the country, you might as well jump on that bandwagon to the lone star state. The median household income is $49,871 with a home ownership rate of 42.5%

4: Baltimore, Maryland

Go on. Check out Baltimore. The median household income is $53,231 and the homeownership rate is 44.6%.

5: Raleigh, North Carolina

North Carolina is just a hop, skip, and a jump from most places on the East Coast. It might be worth checking out. The median household income is $49,433 and the homeownership rate is 41.3%.

For a longer list of the top cities for African Americans, check out this article.

 

 

References:
Kotkin, J. (2018, January 15). The Cities Where African-Americans Are Doing The Best Economically 2018. Retrieved June 7, 2018, from https://www.forbes.com/sites/joelkotkin/2018/01/15/the-cities-where-african-americans-are-doing-the-best-economically-2018/#a42544e1abe1 2. DePillis, L. (2018, January 23). Black unemployment is at a record low. But there’s a lot more to the story. Retrieved June 7, 2018, from http://money.cnn.com/2018/01/23/news/economy/black-unemployment/index.html 3. Rowell, A., & Madland, D. (2017, September 12). New Census Data Show Household Incomes Are Rising Again, But Share Going to Middle Class Is at Record Low. Retrieved June 7, 2018, from https://www.americanprogress.org/issues/economy/news/2017/09/12/438778/new-census-data-show-household-incomes-rising-share-going-middle-class-record-low/ 4. Moyer, L. (2018, January 05). Black unemployment rate falls to record low. Retrieved June 7, 2018, from https://www.cnbc.com/2018/01/05/black-unemployment-rate-falls-to-record-low.html 5. VOA. (2018, April 07). More Americans Are Moving to Texas. Retrieved June 7, 2018, from https://learningenglish.voanews.com/a/4332422.html

Written by Diarra Monet

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Diarra is an experienced young writer who joins The Mogul Millennial excited to expand her repertoire in financial writing. She received her Bachelor of Science in Communication and Rhetorical Studies from Syracuse University where she focused on honing her writing and critical thinking skills. Originally from Dallas, TX, Diarra currently resides in New York City and takes great pride in stretching her dollars while not compromising quality purchases or her travels. In addition to traveling, Diarra enjoys various live performances, museum exhibits, and practicing film photography.

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