Woodstock Institute has begun working with Partnership for Financial Equity to shed new light on how the racial homeownership gap plays out in Boston and Massachusetts at large.
BOSTON — The real estate market in Massachusetts is beset by sky-high prices and interest rates that seem to keep climbing, two factors that are putting home ownership further and further out of reach for Massachusetts residents. But 5 Investigates has obtained new data that shows shocking racial disparities in mortgage lending means that homeownership may be even more difficult to attain for some residents.
From flat out denials, to the types of loans being approved, 5 Investigates’ Karen Anderson found that some people of color are at a serious disadvantage in today’s cutthroat market.
“Massachusetts has for a long time had a very wide racial homeownership gap,” said Tom Callahan, executive director of the Partnership for Financial Equity. “Seventy percent of our white families own a home and about 35% of our families of color. So it’s a two-to-one ratio. That’s one of the worst racial homeownership gaps in the country.”