We develop and illustrate a general method for describing in detail the joint distribution of race and income among neighborhoods. The approach we describe provides estimates of the average income distribution and racial composition of the neighborhoods of households of a given racial category and specific income level. We illustrate the method using 2007-2011 tract-level data from the American Community Survey. We show, for example, that blacks and Hispanics of any given income level typically live in neighborhoods that are substantially poorer than do whites and Asians of the same income level. Our approach provides a very general method for fully characterizing the joint patterns of racial and socioeconomic segregation, and so may prove useful for understanding the spatial foundations and correlates of racial and socioeconomic inequality.