Elliot Park had 2,859 housing units in 2000 – 62 more than in 1980. In 2000, the number of vacant housing units dropped substantially. More than 730 of the neighborhood's 3,528 housing units, or roughly 20 percent, were vacant back in 1990. That number was down to 174, or around 6 percent, a decade later.
For decades, Elliot Park has been a neighborhood consisting mostly of renters. More than 95 percent of all housing units there are renter-occupied. The number of owner-occupied housing units in Elliot Park has remained relatively stable since 1980. In 2000, there were only 78 owner-occupied units in the neighborhood and the number of owner-occupied single-family houses was just 10.
There was a dramatic decrease in Elliot Park's homeowner vacancy rate, from 25 percent in 1980 to 6.5 percent in 2000. The homeowner vacancy rate for the entire city increased slightly in 1990, then dipped to 0.7 percent in 2000. After a substantial rise in the neighborhood's rental unit vacancy rate in 1990, the rate fell in 2000 to 5.1 percent – the lowest level in two decades. However, that was still higher than the citywide level of 2.8 percent.
In 2000, owner-occupied median housing values in Elliot Park skyrocketed to a level not comparable to any period before. This jump in a neighborhood with a majority of renters was attributed to just 10 homes, four of which are valued at $1 million or more.
The rental rates in Elliot Park have consistently been lower than the citywide average. The neighborhood retained stable median gross rents between 1990 and 2000, while median gross rent in Minneapolis went slightly up during that same time.
Although rent tends to be lower in Elliot Park than in much of the city, renters there spent 29 percent of their median household income on it while citywide, renters paid only 18 percent. In 1990, median gross rent as a percentage of median household income increased above levels experienced in 1980 and 2000 for both Elliot Park and Minneapolis..
Last updated Sep 27, 2011