The Wealth Gap: Housing

This is the first in a series, The Wealth Gap, of several blog posts regarding the state of wealth inequality in Massachusetts, and how The Midas Collaborative or ‘Midas,’ has been working to advance the financial security of low- and moderate-income individuals for over two decades. The first topic to be covered here is housing, and in particular, the discrepancies in homeownership across different demographics. Governor Baker’s recent signing of a $1.8 billion housing bond bill has shown the Commonwealth’s commitment to affordable housing and underscored the importance of establishing a more equal distribution of wealth. In Massachusetts, communities of color often face “excessive housing costs and racial disparities in mortgage markets”. These barriers have led to thirty-four percent homeownership among Black and LatinX residents, while white residents own homes at a rate of seventy nine percent.

By partnering with MAHA (Massachusetts Affordable Housing Alliance), Midas provides MAHA’s program participants with a matched-savings account to go alongside the comprehensive financial literacy courses and homebuying classes that MAHA offers in its community. Using these resources, MAHA’s first generation homebuyers are able to build financial stability and overcame barriers that had been hindering their financial growth.

Midas’ programs have successfully yielded matched savings of $3.65 million leading to one hundred homes being purchased to date. Through Midas, participants can create a platform to live more securely and develop a portfolio of assets. To learn more about Midas and how to help eliminate the wealth gap, please contact Chair of the Board, Deb Tobin at Deb@Midascollab.org.