The Thomas B. Fordham Institute just released a study on the fastest-gentrifying neighborhoods in the United States. Is it any surprise several Brooklyn neighborhoods rank highly on the list of twenty-five?
According to Executive Vice President of the Fordham Institute and Education Analyst, Michael J. Petrilli, who performed the study, he took into account zip codes and places with a large increase in the white share of the population, though he admits neither of these is a perfect indicator. Changes in income levels were not yet available at the time of the 2010 study, Petrilli said.
The Brooklyn neighborhoods included Clinton Hill, Williamsburg, Prospect Heights and parts of Bushwick. The data reveals both Clinton Hill and Williamsburg, ranked 6th and 7th respectively, jumped from about 20% white in 2000 to nearly 50% white in 2010. New York is the most represented state on the list, though Petrilli said “these gentrifying neighborhoods are literally all over the map.”
A report on the study from Business Insider says while Brooklyn has always been known for its diversity, it’s increasingly gaining a reputation as “a mecca for young, white, artistically minded 20-somethings.”
Here’s some property cost breakdown, courtesy of StreetEasy:
-In Clinton Hill there are houses for sale at nearly $2 million, while apartment rentals bottom out at $1,550.
-In Williamsburg a townhouse can be purchased for $7 million, while the lowest rental goes for $1,600.
-In Prospect Heights a house can go for up to $5.8 million, while an apartment rental can be a steal at $1,200.
-In parts of Bushwick you can find an $8.2 million home, while an apartment can go for as low as $500.
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