The Wall Street Journal has a very interesting article about how educated, relatively high-earning workers are flocking to urban neighborhoods at a rate not seen since the 1970’s. This is an interesting phenomenon that indirectly highlights the issue of either allowing urban areas to decay (spiraling downward) or encourage their gentrification and be reborn economically adding value to the entire community through increased property values & stability (but with displacement of the poor).
“The movement is injecting new life into tired urban cores, prompting renovation of older residential and commercial buildings while spurring new real estate developments as well as upgrades to transit systems, parks and cultural institutions”
“A range of factors is driving the urban influx, economists say, from job growth and declining crime in cities to young professionals waiting longer to have children—or deciding not to have them at all. Tighter mortgage lending and concern about homeownership risks also weigh on young people, turning many into long-term renters.”
“For landlords and developers, rising rents and home values are a boon.”
Click here to read “Influx of Younger, Wealthier Residents Transforms U.S. Cities” on WSJ.com (free)
