In 2000, the North Loop neighborhood had 678 housing units, compared to only 84 units in 1980 and 403 in 1990. Almost 6 percent of the housing units were vacant in 2000, compared to almost 18 percent in 1990.
The majority of North Loop's housing units are renter-occupied, although home ownership has increased perceptibly. In 1980, only 10 percent of the housing units in the neighborhood were owner-occupied, 11 percent were in 1990 and nearly 30 percent were in 2000.
While high in comparison to the citywide rate, the homeowner vacancy rate in North Loop was lower in 2000 than it was in 1980. Still, the neighborhood's rate remained above 10 percent in 2000, undoubtedly because of the number of new units in the market. The rental vacancy rate in North Loop was slightly below the citywide percentage. In 1990, when the neighborhood was building up, the vacancy rate was very high because of the number of new units for rent in the market.
In 1980, North Loop's median housing value was about $65,000 below the city median. The dollar amount for the neighborhood increased sharply in 2000 to more than $400,000, reflecting new construction or converted warehouse space for the upper-end market. In 2000, the neighborhood median house value was almost $300,000 higher than the citywide median.
In 1980, median gross rent was much lower in North Loop than citywide. Rent rose sharply in the neighborhood in 1990 and slightly in 2000. The median gross rent in North Loop was $896 a month in 2000, $321 more than in Minneapolis.
The percentage of median household income spent on median rent was 5 percent more in the neighborhood than in Minneapolis in 2000. Median rental costs constituted 23 percent of the median household income in North Loop in 2000.
Last updated Sep 27, 2011