1. Ana Patricia Muñoz Regional and Community Outreach Department, Federal Reserve Bank of Boston The views expressed here do not necessarily represent those of the Federal Reserve Bank of Boston or the Federal Reserve System. 1 URBAN DISPARITIES AND THE RACIAL WEALTH GAP October 6, 2015

2. What do we know about Connecticut? 2

3. Inequality in CT 3 Source: Economic Policy Institute

4. Race and ethnicity by Metropolitan Area in Connecticut

5. Race and ethnicity in Connecticut’s 20 largest cities Only half of the population living in Connecticut’s 20 largest cities is white Source: American Community Survey 2011-2013, 3-year estimates

6. Much higher percentage of unbanked among Hispanics and Blacks than among whites in CT

7. Large disparities in homeownership rates 7 Source: American Community Survey 2011-2013, 3-year estimates

8. Conclusion 8  Importance of looking at both sides of the balance sheet: assets and debts  Wealth is transmitted intergenerationally  Nonwhite groups in the study have very little to rely on in case of an emergency  The staggering disparities should urge us to find policies that can help narrow the wealth gap  Policy solutions are complex and need to use a multifaceted approach  Such policies should consider the wide diversity among the region’s population and be targeted or adapted accordingly  Importance of collecting data on assets and debts at the local level, including disaggregated information for nonwhite groups

9. THANK YOU 9 Report available here: www.bostonfed.org/color-of-wealth