July 28, 2023 – In June 2023, Partnership for Financial Equity and Woodstock Institute released their Mortgage Lending Matters report. The report found that in 2021 the number of mortgages to Black and Latinx households remained at an all time high in Massachusetts but that Boston is losing homebuyers of color.
Across the state, the percentage of mortgages received by Black and Latinx homebuyers are about equal to their percentages of the population. But in Boston, that is not the case. In 2021, Black homebuyers in Boston received only 7% of home purchase mortgages despite being 22.7% of the city's population. For comparison, White homebuyers accounted for 71.2% of mortgages received in Boston while being 44.5% of the city's population.
Gateway cities are seeing more homebuyers of color. In 2021, Black and Latinx homebuyers received a combined 43% of mortgages offered in Gateway Cities.
Read about the other findings in the report: https://financialequity.net/announcement/mortgage-lending-matters-report/