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Old 11-08-2009, 07:49 PM
 
Location: Armsanta Sorad
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It seems like the others regions are being hit with gentrification, especially the West and the Northeast.

Is the South the only region that hasn't been hit with gentrification, considering that it's the cheapest region in America?
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Old 11-08-2009, 08:28 PM
 
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Significant parts of Atlanta have been gentrified over the last decade, so no, the South is not really any different from other regions. And much of the Midwest (except Chicago or the Twin Cities) is cheaper than many parts of the South.
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Old 11-09-2009, 07:27 AM
 
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Parts of most any city in the South has also been hit with it.

Some would argue some parts were always gentrified...
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Old 11-09-2009, 07:43 AM
 
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In the 2000's -

-Gas prices went from $1.50/gallon in 2002, to $4/gallon in 2008, shifting demand towards city centers, away from exurbs.

-Housing demand for all homes skyrocketed, with the unsustainable increase in housing demand from ~2003-2006

-Changes in tax codes benefitted the owners of multiple homes.

-In the south, transplants and retirees from New York, New Jersey, PA, New England and Florida drove up housing demand

-The perception of infinite demand for homes caused many developers/contractors to make significant investments in renovating homes in the urban core, as well as infill from splitting up lots, improving the quality of downtown housing supply


All these factors contributed to gentrification in many southern cities. Since the dropoff in buyer demand in mid-2008, in Wilmington and Charleston, the price for fancy downtown homes has plummeted. I personally think these areas are overvalued in the short-mid term, although gentrification is the long-term (20 year) trend. In non-tourist cities, like Raleigh, Columbia, and Greenville, the trend was similar, but less intense. In most southern cities you have financial investments by local governments and residents to improve the quality of downtown, small towns included. This may not be representative of the entire south, just the areas of NC and SC that I am familiar with.

Last edited by le roi; 11-09-2009 at 07:53 AM..
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Old 11-09-2009, 08:38 AM
 
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Quote:
Originally Posted by grindin View Post
Significant parts of Atlanta have been gentrified over the last decade, so no, the South is not really any different from other regions. And much of the Midwest (except Chicago or the Twin Cities) is cheaper than many parts of the South.
Same with parts of the Northeast, outside of maybe property taxes, Syracuse and some other metros in the region are cheaper than many areas in the South.
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