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Real Estate Prices & Overview

Bancroft West median real estate price is $369,111, which is more expensive than 49.9% of the neighborhoods in Minnesota and 48.9% of the neighborhoods in the U.S.

The average rental price in Bancroft West is currently $1,965, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 64.5% of the neighborhoods in Minnesota.

Bancroft West is an urban neighborhood (based on population density) located in Minneapolis, Minnesota.

Bancroft West real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and small apartment buildings. Most of the residential real estate is owner occupied. Many of the residences in the Bancroft West 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.

Real estate vacancies in Bancroft West are 5.2%, which is lower than one will find in 62.9% of American neighborhoods. Demand for real estate in Bancroft West is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

Notable & Unique Neighborhood Characteristics

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 Bancroft West neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

Being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the Bancroft West neighborhood is one of the most walkable neighborhoods in America.

In addition, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 83.4% of the residential real estate in the Bancroft West neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 99.8% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

Modes of Transportation

Our research revealed that more commuters here take the bus to work (10.3% ride the bus) than 95.5% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.

Diversity

Did you know that the Bancroft West neighborhood has more Norwegian 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 Norwegian ancestry and 4.8% have Swedish ancestry.

Bancroft West is also pretty special linguistically. Significantly, 0.8% of its residents five years old and above primarily speak Native American languages at home. While this may seem like a small percentage, it is higher than 96.5% of the neighborhoods in America.

The Neighbors

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 Bancroft West neighborhood in Minneapolis are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 61.3% of the neighborhoods in America. With 34.6% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 85.9% of U.S. neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Bancroft West neighborhood, 51.1% 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 22.1% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (13.9%), and 13.0% 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 Bancroft West neighborhood is English, spoken by 71.0% of households. Other important languages spoken here include Spanish and African languages.

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Bancroft West neighborhood in Minneapolis, MN, residents most commonly identify their ethnicity or ancestry as Mexican (18.9%). There are also a number of people of German ancestry (18.8%), and residents who report Irish roots (10.6%), and some of the residents are also of English ancestry (8.7%), along with some Norwegian ancestry residents (7.2%), among others.

Getting to Work

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 Bancroft West neighborhood spend between 15 and 30 minutes commuting one-way to work (51.0% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (47.9%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (10.3%) and 5.5% 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.


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