Color of Wealth in Los Angeles County

Prepared by: Korean churches for Community Development

COLOR OF WEALTH IN LOS ANGELES

TotalPopula*onbyRaceandEthnicity

2

1% 1% 2% 2% 3% 4%6%

15%

30%

35%

45%

1% 2% 2% 1%3% 4%

6%

14%

38%

32%

39%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Japanese AsianIndian

Vietnamese Korean Filipino Chinese Black Asian White Mexican La*no

LAMSA CASource:U.S.CensusBureau,ACS,2014,One–YearEs*mates,LosAngelesCounty

FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment

Korean– RateofHomeownership,2015,LosAngelesCounty

3

68.3% 67.5%63.7%

56.7%53.0% 51.3%

44.9%42.9% 41.5% 40.4%40.2%

0%

10%

20%

30%

40%

50%

60%

70%

Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,

AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment

HavingMortgageDebtAmongAllHouseholdsKorean–2ndLOWEST

4

49.9%

46.2%

41.3% 40.3%37.4% 36.2%

34.6%32.7% 32.5%

26.0%24.2%

0%

10%

20%

30%

40%

50%

60%



ValueofTotalAssetsHeldbyHouseholdsKorean-2ndLOWEST

5

595,000

460,000

408,500

355,000

243,000

152,000

43,000 40,000 30,000 28,4005,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

TotalAssets



ValueofLiquidAssetsHeldbyHouseholdsKorean–OneofLOWEST

6

245,000

140,000130,000

110,000

80,000

60,000

3,000500 200 7 00

50,000

100,000

150,000

200,000

250,000

LiquidAssets



HouseholdMedianNetWorthKorean–Oneof3LOWESTCommuni*es

7

592,000

460,000

408,200

355,000

243,000

72,000 61,50042,500 23,400

4,000 3,5000.00

100,000.00

200,000.00

300,000.00

400,000.00

500,000.00

600,000.00

700,000.00



Korean–HIGHESTRateofBusinessOwnership

8

19.6%

15.1%

11.7% 10.8% 10.5%8.4%

6.0%4.2% 3.5% 3.1% 2.4%

0%

5%

10%

15%

20%

25%

30%



HouseholdsOwningaSavingsAccountKoreanComparabletoOtherBlack&LaHnoCommunity

9

96.4%

81.6% 80.3%76.9%

74.6%71.9%

57.8%55.5%

44.0%39.8%

37.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Japanese Chinese AfricanBlack

AsianIndian Filipino White Korean U.S.Black OtherLa*no Mexican Vietnamese



HouseholdsOwningStocks,MutualFunds,andInvestmentsTrustsKoreanComparabletoBlack&LaHnos

10

60.8%58.6%

48.8%

41.9% 40.7%

23.6%21.5%

18.0%

9.9%7.6% 7.3%

0%

10%

20%

30%

40%

50%

60%

70%



Koreans–OneofTheLOWESTRateofIRA/PrivateAnnuityOwnership

11

63.6% 62.3%

55.6%

48.5% 48.3%

38.6% 37.9%

27.0%

17.7%15.0%

8.2%

0%

10%

20%

30%

40%

50%

60%

70%



SelfEmployed–HouseholdsKorean–OneofTheHIGHEST

12

13.8% 13.8% 13.5%13.2%11.3%

9.4%

6.6% 6.6% 6.1% 5.9% 5.6%

0%

5%

10%

15%

20%

25%

30%



PublicSector–HouseholdsKorean–OneofTheLOWEST

13

21.4%

11.2% 10.3% 9.5%7.3% 7.0% 7.0%

5.3%4.2%

1.1%0.0%

0%

5%

10%

15%

20%

25%

30%



PrivateSector–Households

14

35.4% 35.0%

27.1%

22.7%

18.9% 18.1%16.3%

14.3%

10.6%7.9%

6.6%

0%

5%

10%

15%

20%

25%

30%

35%

40%



HouseholdsHavingMortgageDebtAmongHomeowners

15

88.1%

80.5% 78.4% 77.1% 76.3%

68.2% 67.7% 64.6%59.8% 59.7% 58.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyFederalReserveBankOfSanFrancisco,ThecolorofWealthinLosAngeles,


HouseholdsHavingAutoDebtAmongHouseholdsThatOwnVehicles

16

48.5%

35.6% 34.0%28.3% 25.1%

21.8% 21.3% 20.0% 17.6%12.0% 11.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



TotalMedianNon-HousingDebtforHouseholds

17

15,000

7,000

5,000

800 400 200 8 0 0 0 00

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000



HouseholdsOwningLiquidAsset

18

95.0% 93.3% 91.6% 90.2% 88.8% 87.0% 58%

70.2%

62.3% 61.3%

53.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

AsianIndian Japanese White Chinese Korean AfricanBlack

Filipino Vietnamese U.S.Black OtherLa*no Mexican



HouseholdsOwningaCheckingAccount

19

93.3%90.1%

86.2% 85.3% 83.7% 81.3% 80.3%

68.1%

54.8% 54.6%

47.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Japanese White AsianIndian Chinese Filipino Korean AfricanBlack

U.S.Black VietnameseOtherLa*no Mexican



HouseholdsThatOwnaVehicle

20

99.9% 99.9% 99.6% 97.4% 93.9% 91.3% 89.6% 87.9% 87.4%83.0%

72.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



HouseholdsHavingAutoDebtAmongAllHouseholds

21

48.5%

29.5% 28.3% 25.6% 22.1% 20.3% 18.3% 18.2% 17.1%11.9% 9.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



HouseholdsHavingAutoDebtAmongHouseholdsThatOwnVehicles

22

48.5%

35.6% 34.0%28.3% 25.1%

21.8% 21.3% 20.0% 17.6%12.0% 11.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%



HouseholdsHavingMortgageDebt

23FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment

ValueofAssetsHeldbyHouseholds

24

LiquidAssets

TotalAssets

MedianValue MedianValueWhite 110,000 355,000

U.S.Black 200 30,000

AfricanBlack 60,000 152,000

Mexican 0 5,000

OtherLa*no 7 43,000

Chinese 130,000 408,500

Japanese 140,000 595,000

Korean 3,000 28,400 Vietnamese 500 40,000

Filipino 80,000 243,000

AsianIndian 245,000 460,000

Source: NASCC Survey, Authors’ Calculations, 2015, Los Angeles County Note: The difference in the percentage of nonwhites as compared with the percentage of white households is statistically significant at the ***99%, **95%, *90% level.


HouseholdsOwningAnyTypeofLiquidAsset,aCheckingAccount,oraSavingsAccount

25

LiquidAssets

CheckingAccount

SavingAccount

Percent Percent PercentWhite 91.6 90.1 71.9

U.S.Black 62.3 68.1 55.5

AfricanBlack 87.0 80.3 80.3

Mexican 53.8 47.1 39.8

OtherLa*no 61.3 54.6 44.0

Chinese 90.2 85.3 81.6

Japanese 93.3 93.3 96.4

Korean 88.8 81.3 57.8 Vietnamese 70.2 54.8 37.4

Filipino 85.6 83.7 74.6

AsianIndian 95.0 86.2 76.9

Source:NASCCSurvey,Authors’Calcula*ons,2015,LosAngelesCountyNote:Thedifferenceinthepercentageofnonwhitesascomparedwiththepercentageofwhitehouseholdsissta*s*callysignificantatthe***99%,**95%,*90%level.ThepercentageofJapanesehouseholdsholdingliquidassetscomparedwithothernonwhitehouseholdsissta*s*callysignificantforsavingsaccountsatthe95%level.


HouseholdsOwningStocks,anIndividualRe*rementAccount,orPrivateAnnuity

26

Stocks

IRAorPrivateAnnuity

Percent Percent

White 40.7 63.6

U.S.Black 21.5 37.9

AfricanBlack 18.0 48.5

Mexican 7.6 15.0

OtherLa*no 7.3 8.2

Chinese 48.8 48.3

Japanese 60.8 62.3

Korean 23.6 27.0 Vietnamese 9.9 17.7

Filipino 41.9 55.6

AsianIndian 58.6 38.6

Source : NASCC Survey, Authors’ Calculations, 2015, Los Angeles County Note: The difference in the percentage of nonwhites as compared with the percentage of white households is statistically significant at the ***99%, **95%, *90% level


HouseholdsHavingAutoDebt

27FederalReserveBankofSanFrancisco,TheColorofWealthinLosAngeles,AjointPublica*onofDukeUniversity,TheNewSchool,TheUniversityofCalifornia,LosAngelesandTheInsightCenterforCommunityEconomicDevelopment

Households’Occupa*onType

28

Self-Employed

PublicSector

PrivateSector

Percentageof

households

Percentageof

households

Percentageof

HouseholdsWhite 5.9 7.0 14.3

U.S.Black 6.6 11.2 6.6

AfricanBlack 6.1 0.0 7.9

Mexican 6.6 9.5 10.6

OtherLa*no 13.8 5.3 18.1

Chinese 13.8 4.2 16.3

Japanese 13.5 7.0 27.1

Korean 13.2 7.3 18.9 Vietnamese 5.6 10.3 35.4

Filipino 11.3 21.4 22.7

AsianIndian 9.4 1.1 35.0

Source: NASCC Survey, Authors’ Calculations, 2015, Los Angeles County Note: The difference in the percentage of nonwhites as compared with the percentage of white households is statistically significant at the ***99%, **95%, *90% level. The public sector includes non-profits.


Data & Analytics

Color of Wealth in Los Angeles County