Homeownership is declining in the Twin Cities

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A recently sold home in St. Paul in June 2021. Photo by Max Nesterak/Minnesota Reformer.

High demand and record-low supply are pushing housing prices to new heights in the Twin Cities. But developers aren’t building enough homes that most people can afford.

The Twin Cities has historically had among the highest rates of homeownership in the country, but that rate is falling. At the same time, the region confronts a widening racial gap in homeownership, one of the largest in the nation.

If it’s bad now, what will it be like in 20 years?

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IN THIS EPISODE

Libby Starling

Federal Reserve Bank of Minneapolis

Libby Starling is the director of the Community Development and Engagement department at the Federal Reserve Bank of Minneapolis. She is responsible for the Minneapolis Fed’s efforts to promote the economic resilience and mobility of low- to moderate-income individuals and communities across the Ninth Federal Reserve District. Prior to joining the Fed in 2019, she was the deputy director of the Community Development Division at the Metropolitan Council, the Twin Cities’ regional planning agency. While at the Council, she led the development of Thrive MSP 2040, the 2040 Housing Policy Plan, and Choice, Place and Opportunity: An Equity Assessment of the Twin Cities.