In 2000, Downtown West had 524 more housing units than it had in 1980. The numbers of occupied units and vacant units both increased. The vacancy rate grew continuously between 1980 and 2000, rising from 9 percent in 1980 to 11.5 percent in 1990 and 15.8 percent in 2000.
Most occupied housing units in Downtown West are rental units. However, owner-occupied units are rising in both proportion and numbers. In 1980 they were 15 percent of the occupied housing stock, while in 2000, they made up 28 percent.
Homeowner vacancy rates in Downtown West followed the citywide trend, but at a higher level and with steeper lines. After a high point in 1990, the neighborhood rate sank to its lowest level in 2000. Rental vacancy rates in the neighborhood also followed citywide trends but, like the homeowner vacancy rate, at a higher level. Although declining in 2000, the rate was still well above the city level.
The median housing values for Downtown West are well above the citywide figures and are following opposite trends from 1980 to 2000. The neighborhood's median values increased sharply between 1980 and 1990 and then declined in 2000, with a net increase between 1980 and 2000 of $65,600. In the same period, citywide median values decreased by $1,600. In 2000 median house values were $89,300 higher in Downtown West than in the city as a whole.
In Downtown West, median housing costs as a percentage of median household income increased sharply from 1980 to 1990 and then declined in 2000. That last drop took this figure from a high of 81 percent in 1990 down to 45 percent a decade later. Despite that decrease, Downtown West's percentage was still 15 percent higher than the citywide proportion.
In 1990 and 2000 median gross rent was higher in Downtown West than in Minneapolis. The neighborhood rent was $150 below the citywide level in 1980, but it was almost $170 more in 1990 and $140 more in 2000.
Rent tended to be high in Downtown West but not unaffordable as a percentage of income. In 1980 median gross rent as a percentage of household income was 8 percent higher in the neighborhood than citywide, and the difference went down in 2000 to 5 percent higher.
Last updated Sep 27, 2011