Boston: City Council Reflects On Homeownership Month And The Fight For Housing Equity

~ Boston City Councilors Worrell, Louijeune, and Mejia have brought attention to the growing homeownership crisis in the city with a new resolution. The median home price in Greater Boston is quickly approaching $1 million, making it increasingly difficult for many Bostonians to afford a home. This is due to housing costs rising nearly 300% since 1987, far outpacing income growth.

For communities of color, the disparity is even more alarming. Only 30% of Black families and 17% of Latino families in Boston own homes, compared to 44% of white families. This highlights the need for action to address the racial wealth gap and increase economic mobility.

Despite these challenges, the city is taking steps towards creating more opportunities for homeownership. The Boston Housing Authority's Section 8 Voucher homeownership initiative has seen a significant increase in support, now assisting 70 households compared to just one in 2022. Additionally, the FY26 budget includes $3.1 million for housing stabilization and down payment assistance, as well as a $110 million Accelerator Fund with at least $10 million dedicated to homeownership projects.

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The Council recognizes that over two-thirds of Bostonians are renters, many of whom spend more than half of their income on housing. Homeownership offers a pathway to stability and equity, with owning a home costing significantly less than renting over a 30-year period.

In honor of Homeownership Month, the Council has acknowledged and praised the efforts of families, advocates, and organizations such as the Massachusetts Affordable Housing Alliance. They have also reaffirmed their commitment to creating stable and inclusive communities where more residents have the opportunity to own a home and build lasting wealth.

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