There were 3,512 housing units in Powderhorn Park in 2000, 31 fewer than in 1990. The number of vacant housing units decreased sharply in 2000, when the number of vacant housing units dropped by more than 100.
Home ownership in the neighborhood has increased steadily since 1980. In 1980, owner-occupied housing units in Powderhorn Park comprised 37 percent of the occupied housing units . In 1990 they increased to almost 43 percent and in 2000 had increased to 47 percent of the occupied housing stock. But still there are more renters than homeowners in Powderhorn Park neighborhood.
Powderhorn Park's homeowner vacancy rate dropped to 1.4 percent in 2000 from 2 percent in 1990. The citywide homeowner vacancy rate increased slightly in 1990, and then decreased to 0.7 percent in 2000. The 2000 renter vacancy rate in the neighborhood was a slight increase above 1980 levels after a sharp increase in 1990. Similar patterns in renter vacancy rates prevailed in Minneapolis and Powderhorn Park between 1980 and 2000.
Compared to the city, median owner-occupied housing value in Powderhorn Park are low and decreased significantly in 1990, before increasing again in 2000 but still below 1980 levels. This is the same pattern of median housing values in Minneapolis, where values decreased in 1990 before returning to slightly lower values than in 1980.
The median cost for homeowners in Powderhorn Park of maintaining a house, including the mortgage, is slightly lower than the citywide median. In 2000 neighborhood homeowners paid 27 percent of their median household incomes compared to 30 percent paid throughout Minneapolis.
Between 1990 and 2000 Powderhorn Park's median gross rent closely mirrored the citywide median. But in 1980, at $405 a month Powderhorn Park was less expensive than Minneapolis' median rent of $479. In 1980 rents were lower in Powderhorn Park but they caught up with the citywide median in 1990. In 2000 the neighborhood offered slightly higher rents.
In 1990 the resident renters of Powderhorn Park paid a higher percentage of median household income for median gross rent than Minneapolis residents. This gap narrowed in 2000, with Powderhorn Park residents paying 20 percent of their median incomes for median rent compared to Minneapolis residents paying 18 percent of their income for rent.
Last updated Sep. 27, 2011