The Cedar-Riverside neighborhood lost 34 housing units between 1980 and 2000. The percentage of vacant housing units peaked in 1990 at 9.2 percent; the vacancy rate then fell to 2.7 percent in 2000.
Most of the occupied housing units in Cedar-Riverside are rented. Between 1980 and 2000, the neighborhood had about 10 percent of its housing units occupied by their owners.
Cedar-Riverside's homeowner vacancy rate was consistently above Minneapolis' between 1980 and 2000. The rental vacancy rate was consistently below Minneapolis' during this period; but the difference was not as substantial.
The median value of an owner-occupied housing unit in Cedar-Riverside increased 88 percent between 1980 and 2000, while it decreased by 1 percent in Minneapolis. Median housing values increased steadily in the neighborhood, and in 2000 they surpassed Minneapolis'.
Cedar-Riverside's median housing costs as a percentage of median household income increased substantially between 1980 and 1990 but leveled off between 1990 and 2000. Housing costs are high in this neighborhood, and median housing costs were 70 percent of median household income in 2000.
Compared to buying a home, rent in Cedar-Riverside where most of the housing units are rented tended to be low. In 2000, the median gross rent in the neighborhood was $215 below the citywide median.
Although the median gross rent was low in Cedar-Riverside, it amounted to a higher percentage of median household income than in Minneapolis. The high proportion of income that people spend on rent reflects very low income levels.
Last updated Sep 27, 2011