Homeownership is an effective way to build wealth. Unfortunately, the Minneapolis metro area has the largest disparity between Black and white homeownership of any major metropolitan area in the country. This was by design.
Throughout the early 1900s, redlining was used to reduce wealth building among African Americans and people of color by selectively blocking home financing and home purchases by race. In the early 2000s, the Elliot Park neighborhood was partially gentrified in the area closest to Downtown East and West — due to development pressure from downtown residents. As a result, rent became unaffordable in Elliot Park for Black residents and homeownership unaffordable for residents of all races.