Prospect Park - East River median real estate price is $562,499, which is more expensive than 86.0% of the neighborhoods in Minnesota and 70.4% of the neighborhoods in the U.S.
The average rental price in Prospect Park - East River is currently $1,850, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 41.9% of Minnesota neighborhoods.
Prospect Park - East River is a densely urban neighborhood (based on population density) located in Minneapolis, Minnesota.
Prospect Park - East River 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 townhomes. Most of the residential real estate is renter occupied. Many of the residences in the Prospect Park - East River neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.
Prospect Park - East River has a 12.8% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 73.2% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.
Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Minneapolis, the Prospect Park - East River neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.
NeighborhoodScout's analysis shows that the Prospect Park - East River neighborhood has a greater concentration of residents currently enrolled in college than 98.9% of the neighborhoods in the U.S. With 38.4% of the population here attending college, this is very much a college-focused neighborhood.
In addition, the Prospect Park - East River neighborhood stands out for having an average per capita income lower than 95.8% of the neighborhoods in the United States. Also of note, 55.1% of the children in this area live in poverty; an extraordinarily high percentage compared to other neighborhoods in the nation. In a nation where approximately one in four children grows up in poverty, this neighborhood stands out for the depth of the problem manifested here.
Also, with a nice mix of college students, safety from crime, and decent walkability, the Prospect Park - East River neighborhood rates highly as a college student friendly place to live, and one that college students and their parents may want to consider. NeighborhoodScout's analysis shows that it rates more highly for a good place for college students to live than 87.7% of the neighborhoods in MN. This often also means that the area has certain amenities and services geared towards college students, from undergraduates to graduate students. In addition to being an excellent choice for college students, this neighborhood is also a very good choice for young, single professionals.
More people in Prospect Park - East River choose to walk to work each day (21.8%) 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.
Also, if your dream is to be able to ride your bike to work each day, look no further than this unique neighborhood. With 4.6% of residents in the Prospect Park - East River neighborhood commuting on a bicycle to and from work daily, this neighborhood has more bicycle commuters than 97.9% of all neighborhoods in the U.S., according to NeighborhoodScout's exclusive analysis.
92.8% of the real estate in the Prospect Park - East River neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America.
In addition, one of the really unique and interesting things about the look and setting of the Prospect Park - East River neighborhood is that it is almost entirely dominated by large apartment buildings, such as apartment complexes or high-rise apartments. 83.1% of the residential real estate here is classified as such. This puts this neighborhood on the map as having a higher proportion of large apartment buildings than 97.2% of all neighborhoods in America.
Furthermore, if you like crowded places, then you will probably enjoy the the Prospect Park - East River neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 95.4% of neighborhoods in the U.S., with 22,019 people per square mile living here.
Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. In the Prospect Park - East River neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 99.1% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.
Did you know that the Prospect Park - East River neighborhood has more Sub-Saharan African and Norwegian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 16.8% of this neighborhood's residents have Sub-Saharan African ancestry and 8.1% have Norwegian ancestry.
Prospect Park - East River is also pretty special linguistically. Significantly, 6.5% of its residents five years old and above primarily speak Chinese at home. While this may seem like a small percentage, it is higher than 96.3% 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 Prospect Park - East River neighborhood in Minneapolis are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 95.8% of U.S. neighborhoods. With 55.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 95.8% of U.S. neighborhoods.
A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.
In the Prospect Park - East River neighborhood, 56.4% 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 25.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (10.8%), and 7.5% in manufacturing and laborer occupations.
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 Prospect Park - East River neighborhood is English, spoken by 62.1% of households. Other important languages spoken here include Chinese, Spanish and African languages.
Ethnicity / Ancestry
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the Prospect Park - East River neighborhood in Minneapolis, MN, residents most commonly identify their ethnicity or ancestry as Asian (23.3%). There are also a number of people of Sub-Saharan African ancestry (16.8%), and residents who report German roots (16.1%), and some of the residents are also of Norwegian ancestry (8.1%), along with some Irish ancestry residents (5.8%), among others. In addition, 24.2% 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 Prospect Park - East River neighborhood spend between 15 and 30 minutes commuting one-way to work (46.3% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (39.3%) 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 (21.8%) and 5.3% 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.
