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
13. Twin Cities Metro Home Prices 2008-10 Source: Minneapolis Area Association of Realtors
14. Twin Cities Metro Home Prices 2008-10 Source: Minneapolis Area Association of Realtors
15. Foreclosure RiskRemains High unemployment Potential for falling home prices Negative equity Possible rate resets and recasts, though less of a concern
19. Reduction in income (reduced work hours, reduction in government assistance, or loss of part-time job) : 29%
20. 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
21.
22. Increased Number of Vacant Homes Source: HUD tabulation of US Postal Service data
38. Gen Y Sources: American Community Survey (2009) and Minnesota Demographic Center (2020).
39. Demographics Generation Y: Key first time homebuyer population Household formation down; more likely to change jobs & location Limited income growth; tight credit market Baby Boomers: Aging in place, but also need for senior housing
44. Looking Ahead Slow recovery from Great Recession Continued uncertainty in the housing market (foreclosures, underwater owners) Limited new single family construction Increased need for rental Rehabilitation of existing housing Need to preserve affordable housing Potential for job creation
45. Housing to Create Vital Communities Building affordable housing: Leverages public & private resources Creates jobs Generates tax revenue Builds lasting infrastructure
47. Visit the NEW www.mhponline.org site for Legislative District Profiles and more.
48. Find Legislative DistrictProfiles & Slides at: www.mhponline.org 2446 University Ave. W, Suite 140 St. Paul, MN 55114 (651) 649-1710
Hinweis der Redaktion
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.