In 2000, Near North had 2,325 housing units; 2,201 were occupied and 124 were vacant. The total number of housing units decreased between 1990 and 2000, as did the number of vacant units.
Approximately 69 percent of the housing units in Near North were renter-occupied in 1980 and 1990; in 2000, 66 percent were. The number of owner-occupied housing units increased by 79 units from 1990 to 2000, and the number of rental units stayed virtually the same.
Homeowner vacancy rates in Near North have been higher than the citywide rates since 1980. They stood at around 4 percent in 1980 and 1990, then dropped to 2.1 percent in 2000. The renter vacancy rate in the neighborhood declined steeply over the last two decades. In 1980, 15.2 percent of rental units were vacant and in 1990 the percentage dropped to 9 percent. In 2000 rental vacancies declined even further to meet the citywide average of approximately 3 percent.
Median housing values are historically lower in Near North than in the City of Minneapolis, but they follow similar trends in their rise and decline. The median housing value in Near North dropped from $96,253 to $81,481 between 1980 and 1990. In 2000, median housing values in Near North were $90,100 – $23,400 lower than the Minneapolis average.
Median gross rents in Near North are below the Minneapolis average. Between 1990 and 2000, the neighborhood's median rents jumped by approximately $120 per month.
Rent in Near North cost 25 percent of the area's median household income in 2000. Median gross rent as a percentage of median household income is greater in the Near North neighborhood than in the City of Minneapolis.
Last updated Sep 27, 2011