Key data and trends for education of legislators, the media, and the public about housing and housing affordability in the state of Minnesota. Produced by the Minnesota Housing Partnership
In 2009, 61% of homeowners seeking foreclosure counseling from MN Homeownership Center attributed mortgage default primarily to loss or reduction of income. Loss of income (usually job loss): 32% Reduction in income (reduced work hours, reduction in government assistance, or loss of part-time job) : 29% Compares to 50% of seeking foreclosure counseling in 2008 attributing default to loss or reduction of income.Source: 2009 Foreclosure Counseling Program Report, MN Home Ownership Center
Home ownership rates peaked at over 76% in the mid 2000s and has fallen with the collapse of the housing market. By 2009, the ownership rate fell below 74%. The increase and decline of homeownership was the product of loose lending standards, questionable mortgages, and treatment of homes as investments, rather than shelter. The foreclosure crisis continues to color the housing market and community economies.
Racial disparities in homeownership in Minnesota are serious and persistent. In 2009, Minnesota had one of the highest racial disparities in ownership of any state in the nation. (Note that Hispanic/Latinos may be members of any racial group.)
From 1991 to 2009, the number of people without a home more than tripled. By 2009, 18 in 10,000 individuals were homeless on a single night. In 2009, factors such as high unemployment and housing costs contributed to homelessness. Without housing, people cannot easily work, attend school, or attend to their health needs. Children who are homeless are far more likely to have trouble learning in school and to have poor emotional and physical health.