Adapted from the Cook Center on Social Equity; Chart: Naema Ahmed/Axios

On average, Black households in the U.S. with heads who have completed a college degree have less net worth than white households headed by someone with less than a high school education.

Why it matters: It is only after completing advanced post-college work that the median Black household surpasses the median white household's net worth for a head with only a high school degree.

  • Even then, the average Black earner has about half as much wealth as the average white earner with just a college degree.

What we're reading: "Family wealth is a predictor of both college attendance and college completion," notes a 2018 study from the Insight Center for Community Economic Development.

  • "Black students are more likely to take on student loans and accumulate student loan debt, and they are more likely than white students to drop-out of a university because of financial concerns. Ironically, their wealth position could deteriorate because of their intense motivation to pursue higher education."

One level deeper: "Another commonly held misconception is that Black families have a cultural predisposition to under-value education."

  • "However, the best evidence indicates that Black families, controlling for household type and socioeconomic status, tend to be more supportive than white families of their children’s education through direct financial support."
  • "Black parents who provide some support for their children’s higher education have two-thirds of the median net worth of white parents who provide no support for their children’s higher education.
  • "For given levels of household income, parental educational attainment, and/or parental occupational status, Black youth also get more years of schooling and acquire more credentials than white youth whose parents have a similar status."

Go deeper: Dallas Fed chief says systemic racism drags down the U.S. economy

Go deeper

The myth of closing the racial wealth gap through homeownership

Reproduced from Urban Institute; Chart: Axios Visuals

A new study from Redfin finds that 44% of Black families owned their own home as of the first quarter of this year compared to 73.7% of white families.

Between the lines: Many have suggested that a key to closing the racial wealth gap between Black and white Americans is to encourage more Black families to own homes, but data shows that would be woefully insufficient.

Updated 3 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3:30 p.m. ET: 10,763,604 — Total deaths: 517,667 — Total recoveries — 5,522,094Map.
  2. U.S.: Total confirmed cases as of 3:30 p.m. ET: 2,715,124 — Total deaths: 128,439 — Total recoveries: 729,994 — Total tested: 32,827,359Map.
  3. Public health: What we know about the immune response to coronavirus and what it means for a vaccine.
  4. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  5. States: Florida reports more than 10,000 new coronavirus cases — 5 states saw 27% spike in heart-related deaths in first 3 months of coronavirus pandemic.

The other immune responders to COVID-19

Illustration: Eniola Odetunde/Axios

Scientists are inching closer to understanding how antibodies and immune cells are unleashed by the body in response to the novel coronavirus.

Why it matters: Natural immunity differs from that afforded by vaccination but it offers clues for the design of effective vaccines and therapies.