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Real Estate Prices & Overview

Ericsson median real estate price is $431,825, which is more expensive than 72.9% of the neighborhoods in Minnesota and 61.5% of the neighborhoods in the U.S.

The average rental price in Ericsson is currently $2,394, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 86.8% of the neighborhoods in Minnesota.

Ericsson is a suburban neighborhood (based on population density) located in Minneapolis, Minnesota.

Ericsson real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the Ericsson neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.

In Ericsson, the current vacancy rate is 2.6%, which is a lower rate of vacancies than 82.8% of all neighborhoods in the U.S. This means that the housing supply in Ericsson is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

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

Think about the people you know personally. How many of them would purchase box seats to opening night at the symphony? How many of them regularly attend gallery openings, or are the first to reserve tickets to opening night at the ballet? If they're like most of us, they don't do any of these things. But if you're among an exclusive crowd of wealthy and refined patrons of the arts, then you'll feel right at home in the Ericsson neighborhood: a neighborhood in which more "urban sophisticates" live than 99.2% of neighborhoods across the U.S. Here, your neighbors are defined as having urbane tastes in literature, music, live theatre and the arts. They are wealthy, educated, travel in style, and live a big city lifestyle whether or not they live in or near a big city.

Occupations

Executives, managers and professionals make up 73.3% of the workforce in the Ericsson neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 97.1% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Modes of Transportation

Would you like to be able to ride your bike to work? If you are attracted to the idea of getting a little exercise of the two-wheeled type while reducing your carbon footprint, bicycling to work might be the answer. But which neighborhood you live in can make this either impossible, or alternatively, a great and realistic option. NeighborhoodScout's analysis revealed that the Ericsson neighborhood is a fantastic option for bicycle commuters, as 2.8% of commuters here do ride their bikes to and from work on a daily basis. This is a higher amount than we found in 95.5% of the neighborhoods in America.

Real Estate

Do you watch 'This Old House' on Public Television? Do you love the idea of fixing up a Colonial or Victorian era home, complete with the charm of yesteryear? Do you like to stroll or drive streets lined with gracious older residences? If you found yourself nodding yes to any of these questions, you are going to be interested in this unique neighborhood. The Ericsson neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 58.5% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 96.1% of the neighborhoods in the United States.

Diversity

Did you know that the Ericsson neighborhood has more Danish and Swedish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 7.2% of this neighborhood's residents have Danish ancestry and 8.4% have Swedish ancestry.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Ericsson 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 85.2% of the neighborhoods in America. In addition, 4.0% 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 68.0% of America'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 Ericsson neighborhood, 73.3% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 10.7% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (8.1%), and 7.8% in sales and service jobs, from major sales accounts, to working in fast food restaurants.

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 Ericsson neighborhood is English, spoken by 85.6% of households. Other important languages spoken here include Spanish and Polish.

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 Ericsson neighborhood in Minneapolis, MN, residents most commonly identify their ethnicity or ancestry as German (25.7%). There are also a number of people of Norwegian ancestry (12.2%), and residents who report Irish roots (12.2%), and some of the residents are also of English ancestry (11.4%), along with some Swedish ancestry residents (8.4%), among others.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Ericsson neighborhood spend between 15 and 30 minutes commuting one-way to work (52.1% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (58.4%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (8.5%) and 5.3% of residents also take the train 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.


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