The neighborhood added 163 units to its housing stock between 1980 and 1990, but it lost 38 units in the following decade. The overall vacancy rate was at 3.3 percent in 1980, 4.2 percent in 1990 and a low of 2.2 percent in 2000.
In East Isles, the majority of the occupied housing units are rentals. But the number of these units declined steadily between 1980 and 2000. In 1980 they accounted for 77 percent of the total number of occupied units. In 2000 that figure dropped to 66 percent, with owner-occupied units on the rise.
The neighborhood's homeowner vacancy rate declined steadily from 3.6 percent in 1980, when it was higher than the city rate of 1.3 percent. In 2000 there were just a few houses for sale in the neighborhood. As a result, the homeowner vacancy rate was at a low of 0.2 percent, which was lower than the citywide rate.
At 0.4 percent, the rental vacancy rate was very low in 2000 - a significant fact in a neighborhood where rental units are a large percentage of the housing stock. The neighborhood's rental vacancy rates, even though they followed the citywide trend, have been consistently lower than the citywide rates.
East Isles median housing value is much higher than Minneapolis'. In 2000 the median value in the neighborhood was $230,900 higher than the median in Minneapolis. Furthermore, between 1980 and 2000 the neighborhood gained more than $116,600 in median housing value, while the city lost about $1,500.
Given the housing costs and the income levels, East Isles is less affordable for the typical homeowner. Median housing costs, including mortgage, were 51 percent of median household income in 2000, while citywide they only were 30 percent. What the graph shows is a certain polarization of income; many residents cannot afford a house in the neighborhood.
This is an expensive neighborhood, where housing values and rents are higher than the citywide median. In 2000 median gross rent in East Isles was $675, $100 higher than in the city. From 1980 to 2000, median rents grew faster in the neighborhood than they did in the city.
Last updated Sep 27, 2011