Kenwood had 620 housing units in 2000. This is down from 722 housing units in 1980, but an increase of 20 units since 1990. The number of vacant units decreased from a high of 19 units in 1990 to 14 in 2000. The overall vacancy rate jumped from a low of 1.5 percent in 1980 to 3.2 percent in 1990. In 2000 it decreased to 2.3 percent.
Most of the housing stock in Kenwood is owner-occupied. Rental units were 22 percent of the housing stock in 1980 compared to 16 percent in 2000. There were fewer housing units in 2000 than in 1980 – the neighborhood lost 37 percent of its rental units.
Homeowner vacancy rates in Kenwood were below Minneapolis rates in 1980 and 2000. In 1990, because of the number of houses for sale, the neighborhood homeowner vacancy rate rose above the citywide rate. Also in 1990, the rental vacancy rate in the neighborhood dropped to zero while the citywide rate reached a high point of more than 8 percent.
Kenwood median house values soared above Minneapolis house values and increased from 1980 to 2000. While values declined in Minneapolis from 1980 to 2000, in Kenwood they increased by almost two times. In 2000, the neighborhood median house value was $346,000 above the city median.
Because of high income in the neighborhood, the percentage of income Kenwood homeowners spend to maintain a house, including the mortgage, is lower than the percentage homeowners pay citywide. In 1980, the percentage of income spent on housing in the neighborhood was 5 percent below the citywide percentage. In 2000, however, median costs in the neighborhood rose to 29 percent of median income, only 1 percent below the citywide percentage.
Kenwood's median gross rent is significantly higher than the citywide rent. And although Minneapolis median rent rose faster in 2000, the neighborhood median rent was still more than $320 higher.
Although median rent costs more in Kenwood than Minneapolis, a considerably smaller percentage of income is spent on rent in the neighborhood than citywide. The neighborhood proportion decreased from 1980 to 2000, while in the city it increased. In 2000, 18 percent of Minneapolis residents' median household income went to rent compared to 10 percent of Kenwood residents' income.
Last updated Sep 27, 2011