Here Are The Ten Cities That Are Being Colonized The Fastest By Gentrification
Gentrification is an epidemic happening all across America, but it’s particularly hard hitting in the country’s mid-level and bigger cities.
Many people use the pushing out of people who have been in the area for decades as an economic investment opportunity to buy property for a inexpensive amount, fix it up and wait until the neighborhood is “revitalized” before selling it for much more than it was originally worth. In reality, gentrification displaces communities and pushes them deeper into a structure of classism.
To that note, Realtor.com recently released their list of the 10 fastest gentrifying neighborhoods in America. According to the website, their rankings were calculated by looking “at lower-income ZIP codes in America's 100 largest cities” and “excluded ZIPs that were more expensive than their city's median sale price back in 2012 as well as those with few home sales in the years we measured.”
They created their ranking “based on the changes in the following metrics from 2012 to 2017: Change in median household income, change in median home sale price, change in the share of residents over 25 with a bachelor's degree or higher, change in the share of residents over 25 with a master's degree or higher, change in median home listing price on realtor.com, We limited the ranking to just one ZIP code per city.”
To that end, below are their findings and some of these are pretty surprising and disturbing. Gentrification could be next for your city -- if it hasn’t already hit.
Rivertown (Detroit, MI)
ZIP code: 48207
Median list price: $193,000
5-year median sale price change: +526.4%
5-year median household income change: +17.5%
5-year change in the share with bachelor's or higher degree: +53.9%Little Haiti/Liberty City (Miami, FL)
ZIP code: 33127
Median list price: $375,100
5-year median sale price change: +205.9%
5-year median household income change: +23.6%
5-year change in the share with bachelor's or higher degree: +87.8%Lockwood (Charlotte, NC)
ZIP code: 28206
Median list price: $280,000
5-year median sale price change: +100.9%
5-year median household income change: +28.5%
5-year change in the share with bachelor's or higher degree: +61.8%Johnston Terrace (Austin, TX)
ZIP code: 78721
Median list price: $424,000
5-year median sale price change: +148.2%
5-year median household income change: +29.5%
5-year change in the share with bachelor's or higher degree: +69.6%Downtown/Patterson Green (Raleigh, NC)
ZIP code: 27601
Median list price: $450,000
5-year median sale price change: +58.5%
5-year median household income change: +57.4%
5-year change in the share with bachelor's or higher degree: +58.3%Uptown (Oakland, CA)
ZIP code: 94612
Median list price: $695,100
5-year median sale price change: +128.2%
5-year median household income change: +63%
5-year change in the share with bachelor's or higher degree: +26.3%Encanto Village (Phoenix, AZ)
ZIP code: 85006
Median list price: $315,100
5-year median sale price change: +98.3%
5-year median household income change: +53.1%
5-year change in the share with bachelor's or higher degree: +61.5%Lawrenceville (Pittsburgh, PA)
ZIP code: 15201
Median list price: $350,000
5-year median sale price change: +118.7%
5-year median household income change: +34.4%
5-year change in the share with bachelor's or higher degree: +73.6%Olde Kensington (Philadelphia, PA)
ZIP code: 19122
Median list price: $312,300
5-year median sale price change: +88.9%
5-year median household income change: +47.2%
5-year change in the share with bachelor's or higher degree: +61.9%Eastside Promise Neighborhood (San Antonio, TX)
ZIP code: 78202
Median list price: $220,000
5-year median sale price change: +78.5%
5-year median household income change: 8.8%
5-year change in the share with bachelor's or higher degree: 77.5%
