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New York, Los Angeles Dominate List Of Fastest-Gentrifying Neighborhoods

Courtesy of ZeroHedge. View original post here.

Nobody wants to admit they’re a gentrifier, but as college-educated professionals pour into inner-city neighborhoods, they’re pushing up rents and pushing out the low-income or working-class residents who had lived there before, it’s becoming an unfortunate fact of life in some of the largest cities on both the east and west coast.

At least that’s what RentCafe found in its analysis of the most rapidly gentrifying zip codes in the US. To come to its conclusion, RC incorporated data on average home valuations, average income and percentage of the population that holds a bachelor’s degree or higher.

RC

And as the table below shows, most of the top 20 most gentrified zip codes are clustered in cities like New York - Brooklyn alone sported 5 of the top 20, more than any other city, while Manhattan had 2 - Los Angeles (2), Tacoma (1), Washington DC (2), Baltimore (1) and Philadelphia (2). Down South, Texas had four, including two in Houston, one in Fort Worth and one in Austin. The only addition from the Midwest was, surprisingly, from St. Louis.

Gentrified

But RentCafe’s rankings mask the truly outrageous increases in the individual categories of home value, median income and percentage of residents with a bachelor’s degree.

The average home value in 2016 for RC’s top 20 most gentrified ZIPs was $446,730 with an average increase of no less than 224% since 2000.

Two

Unsurprisingly, New York dominates. The median home value in New York’s 10044 (Roosevelt Island) exploded, increasing from just over $48K to almost $627K – an astonishing 1,258% expansion rate.

ZIP code 20001 in Washington, DC stands out with a 163% growth rate in its median household income, from just shy of $37K, to almost $97K.

Three

Houston’s 77007, which ranked #19 overall, and which is also the only one out of the top 20 with a median household income above $100K, saw the its median income more than double.

Meanwhile, the percentage of the population holding a bachelor’s degree has more than doubled in 16 of the nation’s top 20 most gentrified ZIP codes – the exceptions being Brooklyn’s 11222 and 11211 with 97%, and 95%, respectively, 10026 in Harlem with 92% and DC’s 20010 with 84%.

Four

Yet again, we revisit 90014 in Downtown Los Angeles, as this is where the number of residents holding a higher education degree has increased the most out of all ZIPs analyzed, more than nine times, registering a whopping 857% increase.


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