Worcester Business Journal

6 Worcester Business Journal | May 24, 2021 | wbjournal.com Conclusion A home purchase is oen the culmination of a variety of factors in someone's life. Once someone has a high enough income, a sizable down payment and a stable enough personal life, they can invest in an asset that can shield them from an unpredictable rental market with rising costs and anchor them more tightly to the community in which they live. Homeownership can also be seen as the beginning of a troubling pattern city-wide, though. As those Worcester continued Map 3: Race of householder for owner- occupied units–percent white Map 4: race of householder for renter- occupied units–percent white Map 5: Median household income Map 6: Percent of householders with bachelor's degree or higher Map 7: Race of householder for owner- occupied units–percent white Map 8: Race of householder for renter- occupied units–percent white Map 9: Median household income Map 10: Percent of householders with bachelor's degree or higher Fitchburg & Leominster Map 11: Race of householder for owner- occupied units–percent white with the means to purchase land look for property to purchase, they oen group together in the same few neighborhoods, leaving others with higher rental populations. ese disparities are evident not just in metrics like income level or educational attainment, but also in household race. Worcester and other central Massachusetts communities are not immune from the national conversation about race, as people of color are oen locked out of homeownership opportunities, and are thus also locked out of certain neighborhoods—oen the ones with the best quality of life metrics. Homeownership patterns have a long-lasting impact, as homeowners move less easily than renters and can even pass property down to family members through generations. Correcting imbalances in the central Massachusetts housing market would be a massive undertaking, partly because of the complexity of any issue involving inequality and racial disparities, and partly because of the large amounts of money at stake and invested by current residents. As our housing market is evolving, a deeper understanding of these issues is essential. is analysis is intended to raise awareness of these disparities locally and help guide government, the private sector, and community organizations in their responses. While the primary focus of this report is the City of Worcester, the Bureau is regional in scope, so for contrast and context the following charts provide some parallel insights into Marlborough, Framingham, Fitchburg, and Leominster. Map 12: Race of house- holder for renter-occu- pied units– percent white W

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