Repetitive transcranial magnetic stimulation (rTMS) is an FDA approved treatment for depression but may not be equitably accessible. Anecdotally, rTMS research enrolls few racialized participants. We assessed disparities and contributing factors through (1) systematic review of reported demographics in U.S. rTMS clinical trials for depression (n = 24 studies); (2) a nationwide, representatively sampled survey of potential patients and psychiatrists examining willingness to seek rTMS and perceived barriers (n = 603). Racialized non-white populations are underrepresented in rTMS clinical trials for depression in the USA. Survey data suggests this is not due to the lack of acceptance of rTMS; there was no difference in willingness to seek rTMS based on respondent race (p = 0.18). Potential patients’ perceived barriers to rTMS care were similar regardless of race. Potential patients reported the primary barrier was lack of sufficient scientific evidence, while psychiatrists predicted that patients’ primary barriers to care were financial. Many publications did not report demographic data. Survey methodology is limited in predicting technology adoption behavior from stated attitudes. This work quantifies racial disparities within rTMS. Because access to care is the final step of translational research, increasing research participation in racialized groups should be a priority for the field.