What is Gentrification
Gentrification is when wealthy or upper middle class people move into poorer urban communities. This leads to an increase in rent prices and to the cost of living. Although many would think of this as a positive thing for a city, it inevitably leads to the lack of cultural identity. The new incomers leads to the current residents unable to compete, which forces them to relocate. Thus, the remaining people who stay are marginalized economically and socially.
Demographics: Increase in income, a decline in the proportion of racial minorities, and a reduction in household size, as low-income families are replaced by wealthy singles.
Real Estate: Large increase in rent, new housings are built as luxury units and target upper-middle class.
Culture: What used to be is no longer desirable to the new comers, people want cultural change to benefit them, new ideas as to what is good for the community.
Demographics: Increase in income, a decline in the proportion of racial minorities, and a reduction in household size, as low-income families are replaced by wealthy singles.
Real Estate: Large increase in rent, new housings are built as luxury units and target upper-middle class.
Culture: What used to be is no longer desirable to the new comers, people want cultural change to benefit them, new ideas as to what is good for the community.