![Canva Home Owner Photo People buying a home](https://i0.wp.com/empoweringstrategies.org/wp-content/uploads/2024/03/Canva-Home-Owner-Photo.png?resize=678%2C381&ssl=1)
Dr. Bruce Peter Corrie, Professor of Economics, ALANA Brain Trust
According to a report of Minnesota Housing Agency, Draft Chart Book: Key Housing Needs and Issues (2023), 70,000 ALANA Households are potentially income ready to buy a home having household income greater than $35,000 in Greater Minnesota and $40,000 in the metro area. Below is a slide from the report.
![](https://i0.wp.com/empoweringstrategies.org/wp-content/uploads/2024/03/MHousingSlide2.png?resize=678%2C504&ssl=1)
It is also estimated that 75 percent of these households are credit ready to qualify for a mortgage.
Using this data, we can estimate the number of African American households who are potentially ready to own a home in Minnesota.
Minnesota Compass provides data on African Americans in Minnesota: https://www.mncompass.org/topics/demographics/cultural-communities/african-american
64.9 percent of African Americans have income at or above $35,000 to $45,000.
Total African American households – 133, 989 (ACS 2022)
64.9 percent of these households – 86,959 (ACS 2022)
Existing homeowner households – 39,259 (ACS 2022)
Homeownership potential gap = 47,700 households (64.9 percent of households minus existing homeowners)
Adjusting for 75 percent of these households are potentially ready to own a home – we have 35,775 African American households.
Percentage of African Americans between 25-44 years – 31.5 percent (ACS 2022)
Adjusting homeownership potential households for the 25-44 year group = 11,269 households
Prime Working age African American Households with a potential to be a homeowner – 11,269 households.
Number of loans through Minnesota Housing 12,000 annually to ALANA homeowners.
In these two numbers above we have the policy challenge and opportunity for Minnesota.
![](https://i0.wp.com/empoweringstrategies.org/wp-content/uploads/2024/03/MHousingSlide1.png?resize=520%2C366&ssl=1)
Slides are from Minnesota Housing Agency Report. Draft Chart Book: Key Housing Needs and Issues (2023),