Economic racial divide colors perceptions

ST. LOUIS, July 17 (UPI) -- The U.S. economic racial divide between whites and blacks is immense and it colors the perceptions of people in the two races, a researcher found.

Mark R. Rank of Washington University in St. Louis used 30 years of data to examine three key factors in attaining economic well-being -- owning a home and building equity; attaining affluence and avoiding poverty; and possessing a "rainy day fund" to survive economic turmoil.

"Fifty-five percent of white Americans will reach affluence at some point during their adulthood, and nearly half of whites who are homeowners at age 25 will accrue at least $100,000 worth of home equity by the time they reach age 50," Rank said in a statement.

"The American experience for blacks is synonymous with poverty -- nearly 90 percent of all black Americans will encounter poverty in their lives, while only 13 percent will attain a level of affluence. Blacks are also approximately two times more likely than whites not to have enough savings to get them through tough times."

The study, published in the journal, Race and Social Problems, suggests reasons why whites and blacks have such different perceptions of the American Dream and their possibilities of attaining the dream.