Housing

Diamond Lake's housing units were 98.7 percent occupied in 2000. Only 31 units in the neighborhood were vacant. Despite a decline in population from 1980 to 2000, the amount of vacant housing remained between 1 percent and 2 percent of all units.

Approximately 91 percent of the occupied housing units in Diamond Lake were owner-occupied in the year 2000. The figure decreased by 34 units between 1980 and 1990, then increased by 17 between 1990 and 2000. About 190 of the 2,223 total housing units in Diamond Lake were rentals in 2000.

The homeowner vacancy rate in Diamond Lake was 0.3 percent in 2000. Citywide, the rate was approximately 0.7 percent. The percentage of vacant rental units in Diamond Lake was below the citywide average in all three years from 1980 to 2000. In 2000, the neighborhood's rental vacancy rate dropped a bit. However, because the city's rental vacancy rate declined drastically, the gap between Minneapolis and Diamond Lake narrowed significantly.

The median housing value for Diamond Lake was $144,200 in 2000, or about $30,000 more than the citywide median. In fact, the neighborhood's median has been higher than the Minneapolis median since 1980. The median housing value in Diamond Lake was $138,891 in 1980 and dropped to $117,842 a decade later.

In Diamond Lake, housing costs as a percentage of household income rose from 20 percent to 25 percent between 1980 and 1990, then dropped to 23 percent in 2000. The percentage for the neighborhood has consistently been below the citywide percentage, which was 30 percent in 2000.

The median gross rent in Diamond Lake was $763 per month in the year 2000. The dollar amount rose slightly between 1980 and 1990, then decreased the following decade. The neighborhood's 2000 median gross rent was approximately $190 higher than the citywide median.

Gross rent comprised approximately 15 percent of median household income in Diamond Lake in 2000. In Minneapolis, it comprised 18 percent. The percentages for Diamond Lake and Minneapolis were about equal in 1980, but they diverged a decade later when the citywide median rose to 20 percent.

Last updated Sep 27, 2011