Closing the Black Wealth Gap
In 2004, David McGee set out with a vision to help Black families own a home. The former banker and financial consultant launched Build Wealth MN, a nonprofit organization dedicated to doing just that. Eighteen years, and over 3,000 homes and families later, he is just getting started.
Minnesota’s homeownership disparity—the difference in ownership rates between White/non-Hispanic households and African American and households of color—ranked among the highest in the nation in 2020.
A report by Minnesota Compass documented that 25.3% of African American households in the state-owned homes (29,209 homeowners) compared to 76.9% of the state’s White households (1,452,512 homeowners).