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Real Estate Prices & Overview

Bancroft West median real estate price is $304,211, which is more expensive than 38.0% of the neighborhoods in Minnesota and 40.2% of the neighborhoods in the U.S.

The average rental price in Bancroft West is currently $1,666, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 53.7% of Minnesota neighborhoods.

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

Bancroft West real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four 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.

In Bancroft West, the current vacancy rate is 2.9%, which is a lower rate of vacancies than 80.8% of all neighborhoods in the U.S. This means that the housing supply in Bancroft West is very tight compared to the demand for property here.

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 81.3% 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 99.7% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

Diversity

Did you know that the Bancroft West neighborhood has more Swedish and Danish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 7.6% of this neighborhood's residents have Swedish ancestry and 2.9% have Danish ancestry.

Bancroft West is also pretty special linguistically. Significantly, 0.4% of its residents five years old and above primarily speak Mon-Khmer, which is the dominant language of Cambodia, at home. While this may seem like a small percentage, it is higher than 97.5% of the neighborhoods in America.

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 Bancroft West neighborhood in Minneapolis are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 59.4% of the neighborhoods in America. With 41.1% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 89.7% 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, 46.4% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is clerical, assistant, and tech support occupations, with 21.8% of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants (20.6%), and 11.3% 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 71.4% of households. Other important languages spoken here include Spanish and African languages.

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Bancroft West neighborhood in Minneapolis, MN, residents most commonly identify their ethnicity or ancestry as German (18.1%). There are also a number of people of Mexican ancestry (14.6%), and residents who report Irish roots (13.4%), and some of the residents are also of Norwegian ancestry (9.3%), along with some English ancestry residents (8.6%), among others. In addition, 10.5% of the residents of this neighborhood were born in another country.

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 (48.6% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (52.6%) 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 (10.2%) and 8.7% of residents also ride the bus 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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