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Looking for a Home in Minneapolis - The Minneapolis Home Market

Although the home market in Minnesota and throughout the United States has slowed, Minneapolis Minnesota has remained a hot pocket in real estate. With the addition of the new light rail system and many of the remodeling projects , this area has many locations that are growing and are a good investment.

Geography

According to the United States Census Bureau, Minneapolis has a total area of 58.4 mi². 54.9 mi² of it is land and 3.5 mi² of it is water.

Demographics

Minnesota has historically been a home to Scandinavian and German immigrants. Scandinavians tended to settle in the colder, forested north, and Germans often resided in the relatively warmer rolling hills of the south. Minneapolis sits between these two regions and thus has large populations of people of German and Scandinavian descent.

During the great wave of Eastern European immigration in the 1870s through the early 20th Century, many immigrants from Poland, the Baltic States, and Russia, as well as other people from the region settled in the Northeast neighborhood. "Nordeast" was until recently very strongly identified with these populations.

Minneapolis also has a large Native American population, one of the largest in the United States. After the Vietnam War, Minneapolis became a destination city for Hmong and Vietnamese refugees. More recently, a large influx of Somali refugees has modified Minneapolis's ethnic makeup. Smaller populations of Laotians, Cambodians, Ethiopians, and others can also be found in the city.

The population residing within the city's limits has decreased significantly since its peak of 521,718 in 1950, although the number of people residing in the city has seen a rebound in recent years. The 1990 census recorded a low of 368,383, and the next census saw a small increase from that level. The rebounding growth has largely been due to an increase in the number of non-white residents, as the number of white residents has continued to decline and is now at its lowest level since the very early 20th century when the city had a much smaller total population. Jews, for example, were once a significant presence in the northern part of the city, but they have largely moved out into suburbs such as St. Louis Park, Golden Valley, and Minnetonka. In general, the Twin Cities suburbs have seen massive growth, and the >Minneapolis-St. Paul metropolitan area has roughly doubled since 1950 and now has about three million residents.

The downtown region also saw a major decline in population, but managed to retain residents better than many similar cities. The downtown population has been booming in the last decade as new condominiums are completed and warehouses are converted to loft-style housing. The U.S. census recorded 20,201 residents in the city center in 2000, but an estimate by Maxfield Research just five years later in January 2005 put the number at 29,350, fully recovering from losses in the 1960s and 1970s. Considering the number of new condos in development, the downtown district could reach 40,000 by 2010. Still, the people living downtown are greatly outnumbered by commuters, who bring the daytime population up to about 165,000 each weekday.

As of the census of 2000, there were 382,618 people, 162,352 households, and 73,870 families residing in the Minneapolis. The population density was 2,691.4/km² (6,970.3/mi²). There were 168,606 housing units at an average density of 1,186.0/km² (3,071.6/mi²).

Racial makeup
Ethnicity	Percentage of Minneapolis population
White	65.1%
African American	18.0%
Hispanic or Latino of any race	7.6%
Asian	6.1%
from two or more races	4.4%
Native American	2.29%
Pacific Islander	0.1%

There were 162,352 households out of which 22.6% had children under the age of 18 living with them, 29.0% were arried couples living together, 12.3% had a female householder with no husband present, and 54.5% were non-families. 40.3% of all households were made up of individuals and 8.0% had someone living alone who was 65 years of age or older. The average household size was 2.25 and the average family size was 3.15.

In the city the population was spread out with 22.0% under the age of 18, 14.4% from 18 to 24, 36.6% from 25 to 44, 17.9% from 45 to 64, and 9.1% who were 65 years of age or older. The median age was 31 years. For every 100 females there were 101.0 males. For every 100 females age 18 and over, there were 100.1 males.

The median income for a household in the city was $37,974, and the median income for a family was $48,602. Males had a median income of $35,216 versus $30,663 for females. The per capita income for the city was $22,685. About 11.9% of families and 16.9% of the population were below the poverty line, including 24.5% of those under age 18 and 10.9% of those age 65 or over.

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