Orlando is one of the most populous cities in the state of Florida, with people of color making up the majority of Orlando and Orange County residents. But while Orlando is proportionally more diverse than the nation as whole, Black and Latino residents continue to be excluded from the wealth-building resources that help to create financial wellbeing. The income and wealth gap between families of color and White families has only increased since the COVID-19 pandemic, and Black residents and businesses in Orlando have been shouldering many of the financial impacts of these inequities.

For this reason, Enterprising Black Orlando and Prosperity Now have teamed up to explore new ways to support and invest in high-impact, Black-led nonprofits that advance economic mobility and wealth building. Enterprising Black Orlando is made up of three partnering organizations with a long-standing history in the Orlando Community: The African American Chamber of Commerce of Central Florida, Central Florida Urban League, and Black Business Investment Fund (BBIF).

To that end, Prosperity Now has developed the Orlando Racial Wealth Divide Profile to underscore key data trends that illustrate growing racial and ethnic economic disparities in Orlando. These findings will be featured in our upcoming roundtable series of community conversations across the nonprofit, small business, funder, and policy sectors, which take place in Orlando beginning January 2023.

The Orlando Racial Wealth Divide Profile finds that Black households, specifically, face high rates of inequality across many indicators of economic prosperity and mobility. Only 3% of Orlando businesses are Black-owned, with an average annual payroll of $180,000, while one-third of Orlando’s businesses are White owned and earn an average annual payroll is $550,000.

Homeownership rates, a major driver of wealth, are lower in Orlando (43%) than they are across Florida (66%) as well as nationally (64%). The disparities deepen when we break down the data by race. While White residents have a homeownership rate of 57%, Black residents have a homeownership rate of 47%. The racial disparity in homeownership in Orlando can be traced back to a long legacy of segregation and discrimination in housing through redlining and other racist practices.

Racial inequity in Orlando persists across health and education measures as well. White residents have a 95% high school degree attainment rate compared to 82.1% for Black residents. As for health, White residents are uninsured at a rate of 9.9% while Black residents are uninsured at a rate of 16.3%. These disparities in education and health contribute to the growing racial wealth divide, with lower education attainment leading to truncated earning potential, and lack of insurance coverage leading to financial catastrophe when health issues arise.

The Orlando Racial Wealth Divide Data Profile illustrates these disparities and sheds light on the history of racially restrictive policies that paved the way for economic inequity throughout the city.

Stay connected to the Enterprising Black Orlando initiative at eborlando.org. Learn more about Prosperity Now's racial economic justice work, or sign up to join one of our networks to build economic prosperity for all.