Gentrification is a sticky subject, and while we won’t get into it in depth here, it’s hopefully easy to understand why. Governing has a new report out on gentrification in several cities around the United States, and it’s an interesting read. Portland comes in 1st place, and our neighbor Atlanta turns out to be 5th in terms of visible gentrification rates. We in Athens were too small for such a report, but if you’re considering buying a home in this area, you’ve possibly come across this. Areas such as the Hancock Corridor, MLK, North Ave and others are gentrifying because of the low prices that they can offer homebuyers. The gentrification of areas in Athens isn’t anything like what we’re seeing in major cities, as Saturday Night Live parodied so well:
Is gentrification inevitable in the housing market? Can there be a way to protect long time residents of such neighborhoods from being priced out of their homes? These are big and open questions that need to be addressed sensitively. We do know that homeownership is often the best way to invest in your own life and build wealth for the future, especially while rates are still low. Before you can start looking for a new home, wherever that will eventually be, contact me so that we can lock in the best rate for you.
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