The Board of Governors of the Federal Reserve System recently published its Survey of Consumer Finances. The report provides data on income, wealth, debt, home equity, and other financial measures. Data on income and wealth is broken down by racial and ethnic group.
According to the data, the median before-tax income of Black families in the United States in 2025 was $49,400. For non-Hispanic White families, the median income was $95,300. Thus, the median Black family income was only 51.8 percent of the median non-Hispanic White family income. The median income figure shows the point where half of all families earn below this level and half earn above this level.
Furthermore, the median income for Black families dropped from 2022 to 2025, while the median income for non-Hispanic White families increased by $7,600.
The report also provides data on mean family income. This is the average income for all families. For Black families in 2025, the average income was $77,700. For non-Hispanic White families, the average income was $170,600. Thus, the mean income for Black families was just 45.5 percent of the mean income of White families.
The racial gap in wealth is far wider than the income gap. In 2025, the median net worth of non-Hispanic White families in the United States was $332,100. For Black families the median family wealth was $36,800. Thus, non-Hispanic White family wealth was nearly 10 times the median Black family wealth. The median non-Hispanic White family wealth increased by 6 percent from 2022, while the median Black family wealth decreased by 25 percent.
When we compare mean or average wealth, we find the average wealth of non-Hispanic White families in 2025 was $1,694,700. For Black families the average wealth was $242,500.
