North Loop median real estate price is $541,243, which is more expensive than 86.9% of the neighborhoods in Minnesota and 70.1% of the neighborhoods in the U.S.
The average rental price in North Loop is currently $2,869, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 94.6% of the neighborhoods in Minnesota.
North Loop is an urban neighborhood (based on population density) located in Minneapolis, Minnesota.
North Loop real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the North Loop neighborhood are newer, built in 2000 or more recently. A number of residences were also built before 1940.
Home and apartment vacancy rates are 7.1% in North Loop. NeighborhoodScout analysis shows that this rate is lower than 53.2% of the neighborhoods in the nation, approximately near the middle range for vacancies.
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
People
In a nation where 1 out of every 4 children lives in poverty, the North Loop neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.
In addition, north Loop has the amazing distinction of housing more same sex couples living together than 98.3% of neighborhoods in the U.S. If you are seeking such a neighborhood, NeighborhoodScout's analysis shows that this is one place that you should consider.
Also, some neighborhoods have residents that are more educated than others. But in this neighborhood there is a dramatic difference. NeighborhoodScout's exclusive analysis reveals that 35.1% of the adults here have earned a Masters degree, medical degree, Ph.D. or law degree. This is a higher rate of people with a graduate degree than is found in 95.0% of U.S. neighborhoods, where the average American neighborhood has 13.4% of its adults with a graduate degree. If you are highly educated, you may have much in common with many of your neighbors here.
Real Estate
The real estate in the North Loop neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 94.7% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 98.9% of American neighborhoods.
In addition, the North Loop neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 93.7% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.
Furthermore, renter-occupied real estate is dominant in the North Loop neighborhood. The percentage of rental real estate here, according to exclusive NeighborhoodScout analysis, is 86.3%, which is higher than 95.7% of the neighborhoods in America. If you were to buy and live in the property you bought here, you would be almost alone in doing so.
Also of note, homes built from 2000 through today make up a higher proportion of the North Loop neighborhood's real estate landscape than 95.6% of the neighborhoods in America. When you are driving around this neighborhood, you'll notice right away that it is one of the newest built of any, with the smell of fresh paint, and the look of young landscaping nearly everywhere you look. In fact, 68.7% of the residential real estate here is classified as newer.
Modes of Transportation
More people in North Loop choose to walk to work each day (20.3%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.
Occupations
The North Loop neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 98.2% of the neighborhoods in America. In fact, 76.4% of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration, this truly shapes the character of this neighborhood, and to a large degree defines what this neighborhood is about.
Migration / Stability
Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the North Loop neighborhood. In the North Loop neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 97.6% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.
Diversity
Did you know that the North Loop neighborhood has more Norwegian and Canadian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 9.4% of this neighborhood's residents have Norwegian ancestry and 1.2% have Canadian ancestry.
North Loop is also pretty special linguistically. Significantly, 4.2% of its residents five years old and above primarily speak African languages at home. While this may seem like a small percentage, it is higher than 98.2% of the neighborhoods in America.
How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the North Loop neighborhood in Minneapolis are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 86.3% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.
The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.
In the North Loop neighborhood, 76.4% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 17.4% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (4.9%).
Languages
The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the North Loop neighborhood is English, spoken by 82.5% of households. Other important languages spoken here include Spanish, Chinese, African languages and Polish.
Ethnicity / Ancestry
Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.
In the North Loop neighborhood in Minneapolis, MN, residents most commonly identify their ethnicity or ancestry as German (21.3%). There are also a number of people of Irish ancestry (14.2%), and residents who report Norwegian roots (9.4%), and some of the residents are also of Asian ancestry (8.7%), along with some Italian ancestry residents (7.6%), among others. In addition, 16.7% of the residents of this neighborhood were born in another country.
How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in North Loop neighborhood spend between 15 and 30 minutes commuting one-way to work (47.1% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (44.0%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (20.3%) and 9.0% of residents also carpool with coworkers, friends, or neighbors for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
