Nicollet Island/East Bank had 576 housing units in 2000 – that's 421 more than it had in 1980. In 2000, 54 of them were vacant compared to 19 in 1980.
Historically, Nicollet Island/East Bank has had a high percentage of its housing stock occupied by renters. Between 1980 and 2000, the number of renter-occupied housing units more than doubled, to 314.
The Nicollet Island/East Bank homeowner vacancy rate increased from zero in 1980 to 13.1 percent in 1990 and then fell back nearly to where it started – 0.5 percent – in 2000. The citywide homeowner vacancy rate rose slightly in 1990 and then decreased to 0.7 percent in 2000. Renter vacancy rates for both the neighborhood and Minneapolis peaked in 1990 then decreased 10 years later. In 2000, the 7.1-percent renter vacancy rate in Nicollet Island/East Bank was higher than the city level of 2.8 percent.
In 2000, median values for owner-occupied housing were significantly higher in Nicollet Island/East Bank than citywide. In 2000, the median house value in the neighborhood was $400,000, while in Minneapolis it was $113,500.
The co st for a homeowner of maintaining a house, including the mortgage, is high in this neighborhood. In 2000, Nicollet Island/East Bank median housing costs were 53 percent of median household income, while in Minneapolis median household costs accounted for 30 percent of homeowners' median household income. In the neighborhood and the city, the percentage of median household income spent on housing has increased since 1980.
Nicollet Island/East Bank's median gross rent was higher than the citywide median in 2000. The neighborhood's median gross rent increased between 1980 and 2000, as did median gross rent in Minneapolis.
In 2000, renters in Nicollet Island/East Bank paid 20 percent of median household income for median gross rent. In the city, renters paid 18 percent. In 1990, median gross rent as a percentage of median household income increased for Minneapolis to a level slightly higher than that found in the preceding and following decades. In that same year, the neighborhood's percentage hit its lowest point, as it decreased from a very high level of 36 percent.
Last updated Sep 27, 2011