Between 1980 and 2000, the total number of housing units in Victory decreased very slightly, by 0.5 percent. Though relatively few, vacant housing units increased by 60 percent from 1980 to 2000, from 25 units to 40 units. The number of occupied housing units decreased slightly, from 2,000 units to 1,975 units during this same time period. The overall vacancy rate decreased from 2.9 percent in 1990 to 2 percent in 2000, after a low of 1.2 percent in 1980.
Of the housing units in Victory in 2000, almost 90 percent were owner-occupied and about 10 percent were renter-occupied. Although the amount of housing stock declined from the 1980 level, the share of owner-occupied units remained relatively unchanged.
Victory homeowner and renter vacancy rates were very low compared to the citywide rates, although the homeowner vacancy rate stood just below the citywide level in 2000. This rate was quite stable from 1980 to 2000, while the renter vacancy rate
From 1980 to 2000, Victory posted lower median housing values than Minneapolis. Median values (in constant dollars) for owner-occupied housing in Victory decreased 10 percent between 1980 and 2000. Between 1990 and 2000, median housing values increased more in the city than in the neighborhood – a 21 percent increase for Minneapolis compared to 9 percent for Victory.
In Victory the percentage of median housing income spent on housing rose steadily. In 1980, the neighborhood median housing cost was 21 percent of median housing income. In 2000, the neighborhood figure rose to 32 percent, surpassing Minneapolis', which stood at 30 percent.
Between 1980 and 2000, Victory's median gross rent (in 2000 dollars) rose from $502 to $693 whereas Minneapolis' median gross rent rose from $479 to $575. From 1990 to 2000, the neighborhood's median gross rent grew more than the city's.
Last updated Sep. 27, 2011