By Rob Kelly, LRA Owner & Managing Broker
This may not surprise too many of our readers, but Denver has topped another real estate list. This time for "Gentrification". This term was first coined by British Sociologist, Ruth Glass, in 1963, to describe the events that were taking place in the City of London. In 2001, The Brookings Institute defined gentrification as "The process by which higher income households displace lower income residents of a neighborhood, changing the essential character and flavor of the neighborhood."
Thanks to our high paying jobs and desirable environment gentrification is no stranger to the Front Range. We have been observing this trend in Denver, Colorado for the past few years (maybe even earlier).
According to Rent-to-Own-Labs, "Cities have long shifted terrain as they’ve adapted to growing (or shrinking) populations. Think about New York City, perhaps the most famous metro area in the world. The island of Manhattan used to be wooded and full of fields before gradually building from one tip to the other. Its neighborhoods have changed, too, as people have moved in, moved on, and moved up. To some degree, most cities experience that notion—different people moving on and moving in—but residential experts have a different term for it: It’s called gentrification."
We have a graphic to share with our readers, courtesy of Rent-to-Own-Labs, which illuminates not just the City of Denver, but all the cities in the US - coast to coast, which are considered on a fast track to gentrification. View the graphic here. Some of them may surprise you.
If you have been following LRA on social media, you know we keep track of the local real estate market pretty closely. If you would like to see housing data for Boulder County, there are plenty of statistics to check out including "Days on Market", "Total Inventory" and "Newly Listed Homes". We follow all these market statistics for most of neighboring towns on a monthly basis, including Louisville, Erie, Lafayette and Superior. Check out Summer 2017 market summary here. At Louisville Realty Associates, we have the experience, energy and depth of knowledge to help you understand the market if you are ready to buy or sell. You can reach us anytime at firstname.lastname@example.org.