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.
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.
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.
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.