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 non-profit 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 their homes (29,209 homeowners) compared to 76.9% of the state’s white households (1,452,512 homeowners). This represents a racial wealth disparity of nearly 52 percentage points—a gap Build Wealth MN (BWMN) aims to reduce by 15% by financing 9,000 new homeowners over 5 to 7 years. But how?