Austin Makes it to List of Top U.S. Cities that are Gentrifying the Fastest
One of the current issues in U.S. urban housing is the g-word-- "gentrification". While experts are divided on whether it has a positive or negative impact on the community, it cannot be denied that it is an ongoing trend that all cities are familiar with.
The positive side to gentrification is that it brings in "new blood" and "new life" to a community, thereby broadening the opportunities available in an area that was once quaint-- even lacking-- opportunities that people need to sustain a certain standard of living. However, gentrification also causes the divide between the rich and the poor to broaden, and locals are (allegedly) forced to give up their homes because the higher standard of living brought in by "new blood" is something they can no longer sustain. Whichever side you are on, here are Realtor's 2017 list of U.S. Cties where gentrification is occuring the fastest:
10. Austin, TX
9. Long Beach, CA
8. Jersey City, NJ
7. Sacramento, CA
6. Nashville, TN
5. Denver, CO
4. Portland, OR
3. Washington, DC
2. Asheville, NC
1. Charleston, SC
Gentrification in Austin TX
A gentrification potential of 22.2% has been observed in Austin based on data gathered from 2000 to 2015. Over a 15-year period, the median home price increased by 96.1% (from $152,600 to $299,300). Condos and luxury apartments are being built everywhere and rents and home prices are soaring high, thanks to the city's trendy new reputation.
East Austin is a perfect example of gentrification. What was once a simple neighborhood with largely African-American and Latino residents are being indirectly forced out of their homes, thanks to the low rent in their area that is close to downtown. The affordable housing and rent is attractive to millennials flocking to the city, so it's no wonder that East Austin is now an in-demand area for new Austin residents.
As a result, new developments in East Austin are changing its perspective, and the old residents who want to "Keep Austin Weird" are having difficulty in keeping up with the new residents. However, the rising increase in home value has also benefited majority of residents in the area, so you can't really tell that it's all bad for the East Austinites. With their home investments gaining more value at a rapid pace and with more businesses and career opportunities available, East Austin's newfound energy and vibrance is nothing but positive for the people living in the area.
Need more info? The original Realtor article about gentrification can be accessed here.