In many cities across the United States, there are neighborhoods being affected by gentrification. For those who don’t know what this is, it is when an old neighborhood that is a low-value area into a high-value one. This often means properties being bought and being renovated to look new and appealing to younger generations. Those living in the low-value areas sometimes do not like being pushed out of their own neighborhood, but others see the value in gentrifying:
Property Value Increase
As a neighborhood is gentrified, whether the property is renovated or not, the value will skyrocket. This is good for the residents of the neighborhood as well as real estate professionals. If homeowners are looking to sell when gentrification is in full effect, they can oftentimes get more for their home than what they originally paid for it. In this case, gentrification can be very lucrative.
In many areas that have undergone gentrification, there was a dramatic decrease in crime. As a neighborhood gentrifies and more people come to live, they want safer streets. This demand for safety leads to a higher level of legal enforcement concerning local laws, mandates, and regulations. When a neighborhood is gentrified, it encourages more safety resources for their community for more police, neighborhood watch programs, and advanced security systems.
New Housing Opportunities
Instead of kicking people out, gentrification actually welcomes more people in. When a neighborhood gets better, more people want to live there. This creates a demand for more housing opportunities for the area. More buildings developers and contractors will buy properties and renovate them for new tenants. Over time new buildings will pop up to welcome new people and residents.
Cleaner and Upscale Look
The best part of gentrifying a neighborhood is the upgrade. Old rundown buildings get complete makeovers and make the look of the neighborhood more upscale. With a new, upscale look, the neighborhood becomes much cleaner. Adding beauty and value to a neighborhood is good for everyone. It means safer streets and more housing opportunities.