From 1980 to 2000, the number of housing units in Loring Park increased by 883. Around 15 percent were vacant in 1980 and 1990, but only 6 percent were in 2000.
The majority of the housing units in Loring Park are rental units. From 1980 to 2000, the number of owner-occupied units in the neighborhood increased by more than 700 to 19 percent.
The homeowner vacancy rate in Loring Park was extremely high in 1980; 230 of the 600 properties available for purchase in the neighborhood were vacant. The number of rental properties vacant in 1980 was equal to the number of ownership properties vacant, but the renter vacancy rate was only 5.4 percent, attributable to the greater number of rental properties in the neighborhood. In 1990, the homeowner vacancy rate dropped to 6 percent, and in 2000 it dropped to only 0.8 percent
In 2000, the median value of a house
Owning a home in Loring Park is not affordable for many of its residents. The median cost of owning a home in Loring Park nearly equaled the neighborhood's median household income in 1980. In 1990, home ownership costs were 126 oring Park earn significantly higher incomes than the neighborhood median.
The median gross rent in Loring Park is below the Minneapolis average. In 1980, the median gross rent in Loring Park was $397 per month; by 2000, it had risen to $508.
Last updated Sep 27, 2011