There are very few vacant housing units in Lynnhurst. In 2000, only 22 of the 2,224 total housing units were vacant. The overall vacancy rate was 1 percent in 1980 and less than 1 percent in 2000. Lynnhurst had 18 fewer housing units from 1980 to 2000.
The majority of the housing units in Lynnhurst are owner-occupied. Between 1980 and 2000, only about 10 percent of the total housing units were rental properties.
Fewer than 1 percent of non-rental homes were vacant in Lynnhurst from 1980 to 2000. Renter vacancy rates were 1.3 percent in 1980 and 1990, then dropped to 1 percent in 2000. Vacancy rates in Minneapolis were significantly higher, but the near doubling of the citywide renter vacancy rate in 1990 had no effect on the Lynnhurst neighborhood.
The median housing value in Lynnhurst increased about $87,000 from 1980 to 2000, to $260,600. Although median housing values in the neighborhood increased steadily over that 20-year period, they fell slightly in Minneapolis and never fully rebounded. Housing values in Lynnhurst, however, were much higher; in 2000, the median value of a house in Lynnhurst was $147,100 greater than the median value of a house citywide.
The cost of maintaining a home, including the mortgage, is a smaller proportion of household income in Lynnhurst than in Minneapolis. Home ownership costs claimed 21 percent of the median income in Lynnhurst in 2000, compared to 30 percent citywide.
Median gross rent in Lynnhurst declined from 1990 to 2000, but ended up being 10 percent – $75 – higher than its 1980 level. The median gross rent in the neighborhood was $226 per month greater than the median gross rent for the City of Minneapolis in 2000, but citywide rent increased more than the neighborhood's.
Last updated Sep 27, 2011