[ST. PAUL, MN] — Governor Tim Walz and Lieutenant Governor Peggy Flanagan today celebrated Minnesota being named by a recent CNBC study as the second best state for millennial homeownership based on data from the U.S. Census Bureau. This ranking comes after Governor Walz signed into law the $1 billion housing omnibus bill last spring, the largest single investment in housing in state history.

Lieutenant Governor Flanagan today toured and met with residents at Spring Creek II affordable housing complex in Northfield, Minnesota. Photos from the event are attached.

“Homeownership is a goal for many Minnesotans and important for long-term financial stability,” said Governor Walz. “I am proud to invest in affordable housing and home ownership assistance programs, especially for younger generations. Whether it’s building new housing, providing rental assistance, or ensuring homeownership is an option for all Minnesotans, we are committed to giving every person quality, affordable housing options.”

“Being named the 2nd highest state for millennial homeownership is a big step towards making home ownership a reality for every person and family,” said Lieutenant Governor Flanagan. “Housing security is the foundation of educational and professional growth, health and safety, and allows kids and families to thrive. We have made expanding access to affordable housing a top priority in our administration. I am proud of our historic housing investments and look forward to supporting more Minnesotans in achieving their financial and housing goals.”

This year, Governor Walz signed into law the largest single investment in housing in state history. The $1 billion investment reduces disparities in housing and homeownership, improves access to affordable housing, provides rental assistance, and invests in homelessness prevention across the state.

The bill included:

• $200 million for down payment assistance programs. This includes $150 million for first-generation down payment assistance.
• $200 million for housing infrastructure investments.
• $95 million for the Economic Development and Housing Challenge Program to support new workforce housing.
• $40 million to support workforce housing and infrastructure in Greater Minnesota.
• $45 million for homelessness prevention in addition to the $50 million that Governor Walz signed into law on March 31.
• Permanent funding for housing needs across the state.

Minnesota was also recently named as the best state for millennials in a study that analyzed affordability, political and social environment, employment, quality of life, heath, personal finance, and safety.