Boston has a longstanding racial homeownership gap. Some local organizations are working to make the city’s real estate market more equitable.
Owning a home is considered part of the so-called American dream. But for Black and Hispanic Bostonians, it is more often a dream denied.
Manny Bello knows that disappointment well. Last spring, he found a great single-family house in Mattapan. It had enough space for him, his wife and three kids, and a finished basement where he could put a home office. It also had a large garage and driveway that would be perfect for the vehicles from his cleaning business.
“I was very disappointed,” Bello said. “I just said, ‘You know, if this is the reason and there's nothing I can do, well, thank you very much, and I guess I'll just stop looking for a property right now.’”“I don't want to go through the process again and be denied at the last minute,” he said.
Homeownership isn’t just about fulfilling a dream. It’s the primary way most Americans build wealth. So, when Black and Hispanic residents encounter more hurdles to financing a home, the ramifications are broad and lasting.
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