Asset-Based Development and the Wealth Profile of Stateside Puerto Rican Households.

PUERTO Rican Americans; ASSETS (Accounting); HOUSEHOLDS; WEALTH & society; WEALTH; HISPANIC Americans -- Economic conditions; LIABILITIES (Accounting); UNITED States economy; POOR people; ECONOMICS; TWENTY-first century; 21ST century economics

Puerto Rican households experience a wealth gap relative to non-Puerto Rican Latinos and Non-Latino groups. This research relies on the Consumer Expenditure Survey (CES), Public Use Micro-Data Sample of 2008 of the Bureau of Labor Statistics. On the "asset side," Puerto Rican households showed a weak "wealth platform" relative to most groups. Housing assets, most important for all groups, was poorly valuated in the asset portfolio of Puerto Rican households. On the "liabilities side," Puerto Ricans seemed better off than other Latino subgroups, although it is important to consider that the mean value of the assets of Puerto Rican households tends to be lower, especially housing assets. After taking into consideration assets and liabilities, the net wealth base of Puerto Rican households is very weak. Over half of Puerto Rican households (67 percent) are wealth poor, suggesting a "thin" middle-class. Direct and indirect policy action is needed to promote the creation and preservation of individual and community assets. [ABSTRACT FROM AUTHOR]

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