The Austin gentrification has started when condos and upper-income apartments were popping up everywhere. The rents are driving up and home prices are rising along as the developers cash in on the city’s trendiness. This is why a new study by Realtor.com ranked Austin gentrification as the top 10 fastest in the whole United States.
The analysis examined the home pricing data and census information in order to determine the cities that are experiencing rapid gentrification. This then is loosely defined as the phenomenon of people wealthier than its traditional residents moving into a particular neighborhood. Austin gentrification is caused by increasing property values and cost of living. The study focused on the rapid transition and displacement that happened in East Austin over the past few years.
“We looked at cities whose population was 50,000 or more between 2000 and 2015. Then we took a look at the U.S. Census Tracts—that’s data-speak for neighborhoods of 1,200 to 8,000 people. We focused on lower-income areas with home values that had the potential for gentrification (excluding wealthier communities that had already arrived.) Then we compared home values as well as residents’ income and education levels in the years from 2000 to 2015, to assess which cities were seeing the biggest turnaround.” – Realtor.com
The study focused on the rapid transition and displacement that happened in East Austin over the past few years. Residents here have publicly denounced gentrification. However, in 2006, 250 people are on a waiting list for affordable housing and this number has blown up to 700 by 2015. This neighborhood was a largely African-American and Latino community but as the Austin population grew, people from outside were drawn to the low rents of the area close to downtown. This was then followed by a wave of new developments in the area and now, East Austin is already rebuilding a fancier and more congested version of itself.
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