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Connections 2050 envisions developing new and supporting existing places that are affordable and inclusive, provide multimodal and active transportation, and have safe and easy access to parks and open space. As part of this vision, the Plan sets a goal to foster racially and socioeconomically integrated neighborhoods and advance environmental justice for all the region’s inhabitants. A key strategy to reach this goal is to achieve equitable access to homeownership and the generational wealth-building associated with homeownership. 

Our Mortgage Lending Indicator examines gaps between sexes and between racial and ethnic groups in approval of loans (loan originations) for home purchase, refinancing, and home improvements. Trends show loan origination gaps between groups have narrowed from 2007 to 2022, typically dropping 8–10%. Gaps between male and female applicants appear to have been essentially eliminated in recent years, but racial and ethnic group gaps still persist, especially between Black and white loan applicants. Record low interest rates during the pandemic are reflected by the rise in refinance applications in 2020 and 2021, but the group who most took advantage of the low rates was non-Latinx white loan applicants. 2022 data shows that climbing interest rates have slowed loan applications across all groups. 

If you’re interested in exploring the mortgage lending data further, you can access it now in DVRPC’s Data Center. You can also explore other indicators in Tracking Progress, DVRPC’s interactive dashboard for exploring Greater Philadelphia’s progress toward the Connections 2050 vision.