7 signs your neighborhood is gentrifying
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- All over your neighborhood, there could be subtle signs that your area is gentrifying.
- Some of the signs are cosmetic. For example, roads might be repaved, apartments might be renovated, and stop signs might be replaced with traffic lights.
- Gentrifying neighborhoods also tend to see an increase in new cafes, restaurants, art galleries, and bars.
- Financially, rent and property values will increase in gentrifying areas.
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From small neighborhoods in Brooklyn to entire cities like Detroit, gentrification can be seen across the US.
Gentrification is when a neighborhood cosmetically improves so that it becomes more livable for the middle class. Although gentrification sounds positive, the lower income residents who originally lived there often get priced out of the neighborhood.
Business Insider spoke with Albert Goldson - the executive director of Indo-Brazilian Associates LLC, which specializes in geopolitical risk in cross-cultural communities - to learn more about the gentrification process.
Keep reading to find out if your neighborhood is showing signs of gentrification.
If the city suddenly starts putting a lot of money into your neighborhood's roads, it may be a sign that gentrification is in process.
When landlords start to refurbish older apartments, the neighborhood might be gentrifying.
As renovations cause increased rent, property values also increase in a gentrifying neighborhood.
If your neighborhood is rapidly becoming more diverse, it's probably because of gentrification.
As a neighborhood gentrifies, there will be an increase in coffee shops and specialty shops.
When art galleries open in the neighborhood, it's another sign of gentrification.
A gentrified neighborhood has easier access to Ubers and Lyfts, plus more expensive cars can be seen on the streets.
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