City releases 2010 Housing Indicator Report
[Duluth, MN] - The City of Duluth Community Development Division has completed the 2010 Duluth Housing Indicator Report, which is an ongoing process to track current and past housing marketing trends within the City. Utilizing numerous sources, this report also highlights factors such as income and poverty, housing stock, and labor statistics.
“This information allows us to track housing trends, which have been interesting for the past couple of years. The Community Development Committee uses this information to determine which projects to fund. In addition, private businesses, housing developers, property owners, and banking institutions use this information for their business planning. So the information helps us, but also helps the private and public community decision makers.” says Keith Hamre, Community Development Manager
· The city’s population from 2000 to 2010 was stable, according to the US Census. There as only a slight decrease of 54 people or 0.06%. The 2010 population count was 86,265 people.
· According to the Minnesota State Demographer’s Office, the estimated number of households increased from 35,601 in 2001 to 36,624 in 2009.
· The 2010 labor force reported in Duluth was 45,962 workers, a slight decrease from 2009.
· The unemployment rate dropped in 2010 to 6.7, from 7.8 in 2009.
· From 2009 to 2010, the average estimated market value of a single family housing unit dropped from $159,000 to $154,000.
· The number of valid home sales dropped 7% from 692 sales in 2009 to 642 sales in 2010.
· After a significant increase in the rental vacancy rate in 2009, the rate drastically dropped in 2010 to 3.4%.
· The average rent in Duluth increased from $699 in 2009 to $714 in 2010.
· The number of building permits for alterations has remained fairly leveled since 2003, but the average value is the highest since 2002. This shows that people are substantially investing in their homes.
· Households making 50% or less of the area median income (less than $30,000 per year) continue to struggle with housing costs and must pay more than 30% of their income for housing.
The data compiled for this report comes from the US Census, Wilder Foundation Survey, Minnesota Department of Employment and Economic Development (DEED), the Duluth Area Association of Realtors (DAAR), the Housing and Redevelopment Authority in Duluth, St. Louis County, and the City of Duluth.
The entire Housing Indicator Report with 2010 information will be posted on the City web site at www.duluthmn.gov/community_development/index.cfm.
For more information, please go to the City of Duluth website or contact Keith Hamre with the Community Development office at (218) 730-5480.