St Louis Park

St Louis Park: A Balanced Living

St. Louis Park is a first ring suburban Hennepin County, State of Minnesota.  It has a buzzing commercial district comprised of restaurants, corporations, retail stores and other establishments.  At least 60% of the city’s tax base consists of commercial, real estate and industrial development.

Corporate relocation to St. Louis Park is an attractive package since the city is conducive to family living with 51 parks, bike trail links and year-round recreational activities.  The city has an established school system that answers the educational needs of its residents from preschool to high school.

History

St. Louis Park used to be known as Elmwood until it was incorporated and officially registered in 1886.  It got its name from the Minneapolis and St. Louis Railway that used to operate in the area.

The city’s development was fast tracked after the incorporation of the Minneapolis Land and investment Company by a group of rich industrialists in Minneapolis headed by Thomas Barlow.

The year 1893 saw the construction of new companies and at least three hotels in the city.  By 1890, there were over 600 industrial work opportunities in the area.  However, the city’s economic development suffered a setback in 1893 due to financial panic.

There was a surge in St. Louis Park’s development after World War II with massive population growth and a home construction boom between the 1940s and the 1950s.  The city’s first shopping center, The Lilac Way, was constructed in the late 1940s followed by the Miracle Mile Shopping Center in 1950 and the Knollwood Shopping Center in 1956.

A total of 66 new subdivisions were constructed in 1950 and two more were added in 1953 and 1954 namely Kilmer and Shelard Park.  Both subdivisions were added because of its sewer and water facilities.

Community Profile

St. Louis Park has a total population of 44,126 as of the 2000 Census with a population density of 4,122 persons per square mile.  Majority or 88.91% of the residents are Whites, 4.37% are African Americans, 3.21% are Asians while the rest are Pacific Islanders and from other races.

The population is fairly young with an average of 36 years.  Of the total population, 18.8% are below 18 years of age while 14.7% are 65 years old or over.

The average income for every family in the city is $63,182.  Only 5.2% of the population lives below the poverty line while only 3% of the families are living below the poverty line.

Housing

With explosive economic growth in after WWII followed the housing boom in St. Louis Park.  Almost 60% of the total homes in the city were built during the construction and housing boom between 1940s and 1950s.  The boom was attributed to the several factors including easy home financing schemes, profitability of large scale construction and the returning veterans.  It only took $7,000 to build a home during that time compared to the $200,000 you need today.

After the housing development came the development of the city’s commercial district.  The first shopping center in Minnesota was the Lilac Way.  This was followed by the Miracle Mile Shopping Center in 1950 and Knollwood Shopping enter in 1956.

One of the earliest multi-family housing units in the city is the St. Louis Park consisting of apartment buildings the sizes of which range from the large apartment building and the small units which measured almost half the apartments.  A large portion of St. Louis Park is mainly residential with a home value ranging from $120,000 to over $600,000.

Today, the area is still very much dedicated to housing but with the thrust of redeveloping the infrastructure around it.  The area is actually a one stop shop where one can find not only residential units but commercial establishments ready to cater to locals and visitors alike.

There are 20,782 occupied housing units in St. Louis Park and 63.6% or 13,219 are occupied by their owners while 36.4% are occupied by renters.

If you intend to avail of a relocation package in St, Louis Park then you better check out the First Time Homebuyer Program offered by the State of Minnesota as you may qualify for this if you have a $62,000 gross household income or less.  Under the program you can avail of mortgage rates that are below the market rates.

If you intend to avail of houses for rent or lease an apartment or a condominium in the city then make sure you read the terms of your lease specifically the provisions on your security deposit, building rules and other pertinent issues which you may encounter.  It is also best to think about getting a renter’s insurance to ensure you are protected in case of damage or loss.

There has always been a low vacancy rate when it comes to housing in the city, the lowest of which was 0.2% in 1979 and 0.3% after twenty years.  There was a higher vacancy rate in the mid 80s due to the construction of new apartments during the period.

You can also seek help from the Community Action for Suburban Hennepin in terms of home buying training and counseling.  If you want to avail of low interest home rates then check with the Minnesota Housing Finance Agency.
Residing in St. Louis Park means quality living that is a balance between a commercial and a quiet and peaceful environment.  It is adjacent to other big cities in the State including Minneapolis and Edina so you can even go city-hopping for shopping and other purposes.

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