BY ESTHER J. CEPEDA, Washington Post Writers Group
My favorite type of social science is the myth-busting kind. Guess what? Not all members of minority groups are impoverished. Far from it.
A new study, “The Concentration of Wealth in New York City,” illuminates “an extraordinary, and growing, concentration of wealth [at the top end of the income scale] in the city at large and among each major race/ethnic group, as well as among the five largest Latino national subgroups.”
The Center for Latin American, Caribbean and Latino Studies at the City University of New York, which conducted the study, adds that 36 percent of Hispanic households have incomes between $60,000 and $199,999.
Not too shabby.
Oh, Latinos still are not doing as well as everyone else in the Big Apple — they lag behind New York City’s major races/ethnic groups with median household incomes of $46,463 in 2010 compared to non-Hispanic whites ($84,000), Asians ($63,210) and non-Hispanic blacks ($52,500). But still, it’s far better than the picture of the down-and-out Latinos that is a dominant stereotype.
“Despite being the poorest of the city’s race/ethnic groups, the structure of income distribution and wealth concentration was very similar to the patterns found among all races and ethnicities, although income concentration was most extreme among non-Hispanic whites,” the report notes.
Despite having a ways to go in climbing the socio-economic ladder, the fact is that Hispanics are gaining a foothold in the middle class and beyond, just like every other immigrant group before them.