The number of housing units in Prospect Park increased from 1980 to 2000, reaching a total of nearly 2,500 residences. Of that amount, 2,441 housing units in the neighborhood were occupied and 53 were vacant. The highest recorded number of vacant units for Prospect Park was in 1990, when 106 units were unoccupied.
The majority of the housing in Prospect Park consists of rental units. In 2000, renters occupied 72 percent of the neighborhood's residences. From 1990 to 2000, an additional 338 units of rental property were added. The number of owner-occupied units also increased, but only by 26.
The homeowner vacancy rate in Prospect Park is very low; There were no units for sale in 1980 and just one in 2000. Approximately 1.6 percent of the units for rent in Prospect Park were vacant in 2000. Both the homeowner and renter vacancy rates parallel citywide trends, experiencing increases during the ‘80s and then decreases during the ‘90s.
The median housing value in Prospect Park was $161,500 in 2000. This is a significant increase from 1990, which had seen a slight decline from the previous decade. The trends in housing values paralleled the increases and decreases in Minneapolis as a whole, although the median housing values in Prospect Park were $48,000 greater than in Minneapolis in 2000.
Housing in Prospect Park became increasingly unaffordable, with housing costs comprising 40 percent of the median household income in 2000. In comparison, housing costs in the neighborhood were just 33 percent of the median household income back in 1980. The percentages for Prospect Park have consistently been higher than for the city as a whole.
The median gross rent in Prospect Park was $636 in 2000, having gradually increased over the 20-year period. Measured in constant dollars, median rental costs were $138 greater in 2000 than in 1980. Between 1990 and 2000, median gross rent increased more in the neighborhood than in the city. Overall, median gross rent was greater in Prospect Park than in Minneapolis.
In Prospect Park, rental costs comprised 20 percent of the median household income in 2000. The percentage increased by three points between 1980 and 1990, and then remained relatively stable into 2000. Gross rent as a percentage of household income in Prospect Park was equal to the Minneapolis percent in 1980 and 1990, but in 2000, Prospect Park's figure remained unchanged while Minneapolis' dropped by 2 percent.
Last updated Sep. 27, 2011