I recently read “Who Owns the Twin Cities”. From the Urban Institute. The report examines the increase in investor-owned rental properties and the
decrease in homeownership among people of color.
“The Twin Cities have largest Black-white homeownership gap of any metropolitan region in the nation, and that gap has worsened dramatically since 2000. This stark divide in homeownership reflects broader patterns of racialized wealth and income inequality in the region.”
An increasing share of housing units in the Twin Cities is made up of SFRs (Single Family Rentals)
Corporate landlords have invested massively in SFRs in the two counties, disproportionately purchasing in neighborhoods with more low-income and BIPOC residents and decreasing homeownership rates.
It is through real estate sales that I earn a living, but I never forget that housing is important to everyone and that homeownership is a vehicle for wealth creation.
I don’t have answers to the housing affordability crisis or the homeownership gap, but it is always on my radar especially when it is time to vote or when I have conversations with local elected leaders. Having the largest Black-white homeownership gap of any metropolitan region in the nation isn’t anything to be proud of. We must do better.
Also, see The Color of Law