Recent studies have demonstrated an increased occurrence of interracia
l marriages in the United States, indicating important shifts in inter
group relations. The effectiveness of traditional theoretical approach
es in explaining who marries whom, however, remains problematic. Recen
tly, exchange explanations (which have typically assumed that the blac
k partner in the union exchanges educational and economic accomplishme
nts for the higher ''status'' of the white spouse) have been replaced
by progressive theories emphasizing a trend away from ascriptive and t
oward achievement norms. We extend this approach by predicting an econ
omic and educational gap between spouses in interracial marriages when
compared with racially homogamous marriages. Using the 1980 and 1990
Public Use Microdata Sample, we find continuing evidence that racial b
arriers in mate selection are weakening. Further, people who intermarr
y, regardless of race or gender, tend to have higher educational and e
conomic status than those in homogamous marriages. There is still limi
ted support for the kinds of social exchanges between spouses that wer
e implied in earlier sociological theories. We conclude that (1) socio
economic differentials are not always consistent with the exchange per
spective and (2) that recent trends are not systematically eroding the
se socioeconomic differentials in mate selection.