Between 1980 and 2000 the number of housing units in University decreased by 36 to 92 units. The vacancy rate was at its lowest level in 1990 at 3 percent, and it increased to 4 percent in 2000.
For the past three census years, more than 90 percent of University's residents were renters. In 2000 renter-occupied housing decreased to its lowest level of 92 percent.
The renter vacancy rates for the neighborhood and the city followed opposite trends, with the rate peaking in the city in 1990 while at its lowest level in the neighborhood. Renter vacancy rates were lower in the neighborhood than in the city in 2000, but only by a narrow margin. The number of owner-occupied houses in University is very small – only eight in 2000, when the census shows one of those houses for sale. As a result of the one house going on the market, the neighborhood homeowner vacancy rate jumped to 12.5 percent that year.
In this neighborhood where an institution is almost the sole landowner, there were no house values associated with the private housing stock median house value in the neighborhood in 2000 dollars was around $30,200 higher than in the city.
The cost of rent continually increased in University and Minneapolis as they followed each other's trend between 1980 and 2000, although rent cost less in the neighborhood than in the city. In University the median rent was 33 percent higher in 2000 than in 1980 and in the city it was 20 percent higher, showing that rent was increasing faster in the neighborhood.
From 1980 to 2000, University renters spent a much higher percentage of their income on rent than Minneapolis renters did. The percentage for the neighborhood increased, while the percentage for Minneapolis was relatively stable. In 2000, median rent cost 54 percent of median household income in the neighborhood compared to 18 percent citywide.
Last updated Sep 27, 2011