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Increasing Homeownership Opportunities in Minnesota

March 20, 2024

Homeownership is all of it, but it’s not attainable for everyone. Together, we can change this.

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The benefits of homeownership reach every corner of the lives of Minnesotans. Most Minnesotans want to own homes, but barriers unnecessarily limit and hinder the journey to homeownership for many in our state.

Our housing market needs more starter homes.

While Minnesota builds some of the most energy-efficient homes in the country, our overall housing market is far from perfect. We’re missing an adequate supply of entry-level starer homes at affordable price points. We need to build more of them—lots more of them. This lack of affordability priced options is not by design. The housing industry wants to meet the demand for these homes and grow homeownership opportunities. Unfortunately, several roadblocks hold us back from serving the entirety of the housing market.

Lifting barriers to homeownership.

One of the largest roadblocks to homeownership is a series of outdated regulations that unnecessarily limit the construction of affordably priced starter homes. Many rules, like local government zoning, were created to protect resources and consumers. However, over the years these rules have grown to work against our shared value of homeownership opportunities for all. Modernizing these rules and protections to make them work in support of homeownership is a challenge, but it can be accomplished!

Homeownership opportunities for everyone, everywhere.

The Parade of Homes has a proud history of presenting the premier homeownership event in Minnesota. We have welcomed Minnesotans to celebrate homeownership for over 75 years and have watched our region grow. Today, we find ourselves in a moment of critical importance as we see more and more homebuyers left out of our housing market. This moment calls us to prioritize the cause of homeownership and inspire Minnesotans to take action.

Why the Parade of Homes cares.

  • Lifting the barriers to building new entry-level homes creates more homeownership opportunities and fosters a healthier market.
  • Homeownership helps build communities, improves educational outcomes, affects safety, and helps build wealth.
  • Minnesota has one of the largest homeownership equity gaps in the country. Everyone deserves access to affordable homes.
  • Affordability is one of the key driers of in-migration. Without the oceans of the coasts, the mountains of the west, or the warm temperatures in the south, Minnesota can be less enticing for families, businesses, and job-seekers looking to relocate. Our lack of starter homes negatively impacts our competitive advantage against other states.
  • A shortage of starter homes hinders the flow of a healthy housing market.

Join the conversation and sign up for the e-newsletter at homeownershipmn.org. Follow @housingfirstnetwork on Instagram and Facebook for stories of how Minnesota’s shortage of starter homes is affecting your community.

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