When newcomers move into low-income neighborhoods and begin rehabbing homes, it can prompt a much-needed rush of investment into the community. But with gentrification comes higher home prices—and the possibility that long-term residents will be priced out of the market.
Gentrification isn’t without controversy, but it has transformed many cities such as New York and San Francisco. Realtor.com® notes that gentrification can be a double-edged sword for home buyers who may initially find opportunities to purchase cheaper properties but might have to wait for change to take root in the community. “Neighborhoods that are well-located, with public services and transportation that were originally built for the middle class, are the ones more likely to be gentrified,” Phillip Clay, author of Neighborhood Renewal: Middle-Class Resettlement and Incumbent Upgrading in American Neighborhoods, told realtor.com®.