Twin Cities Black homeownership rate falls after several years of growth

The Twin Cities metro area Black homeownership rate has backtracked. That’s according to new data from the Minneapolis Federal Reserve. In 2023 the region’s rate had risen to 34.3 percent, but in 2024 the regional Black homeownership rate fell back to 29.1 percent. The data also shows that compared to 11 other similar metro areas in the U.S., the Twin Cities has the largest gap between Black and white homeownership rates at nearly 47 percent. AsaleSol Young is the executive director of Housing in Action, a local housing justice organization that works with socioeconomically disadvantaged families to find affordable and safe housing. They joined the program to talk about what may be behind the numbers and potential solutions.