What is the impact of gentrification on housing prices in Denver?
Which neighborhoods are being affected by gentrification in Denver?
Gentrification occurs when more affluent people move into a neighborhood and push out long-term residents. Denver comes in 2nd in the U.S. for gentrification, according to a study from the National Community Reinvestment Coalition. Only San Francisco has more gentrification. The report claims that 27 percent of Denver neighborhoods are currently gentrifying. That’s an astounding percentage—more than ¼ of the city.
The most affected neighborhoods in Denver are located in the northeast part of Denver, including Mayfair, Montclair, East Colfax, and especially in Park Hill.
The effects of gentrification on neighborhoods and housing prices
Gentrification often completely changes a neighborhood. Dr. Tim Thomas, a UC-Berkeley researcher and director of the Urban Displacement Project, says, “That cultural shift is significant. When the people you’re pushing out grew up in the neighborhoods, you’re pushing out its heart and soul. Then the newcomers might have different political or social interests that completely change the landscape of the neighborhood.”
“Gentrification usually leads to negative impacts such as forced displacement, a fostering of discriminatory behavior by people in power, and a focus on spaces that exclude low-income individuals,” says an article written by Georgetown University Law School.
In gentrified neighborhoods, housing prices rapidly increase, and people are forced out of their homes by high rent increases, higher property taxes and insurance rates for houses, alienation from their neighborhood, and loss of culture and friends. Retired people are especially hard hit, as they often lose their support group of long-time neighbors and neighborhood friends, and may face living in isolation. Many displaced people move to different neighborhoods or other states, or even become homeless.
Denver needs to investigate fair housing ideas and implement housing regulation strategies so that people in gentrified neighborhoods aren’t at the mercy of real estate development and escalating property valuations where they live. As of now, people are left to fend for themselves and make the best decisions they can if their neighborhood is being gentrified.
Now is a prime time to sell your house in gentrified Denver.
If you are fortunate enough to own a house in Northwest Denver, including the Mayfair, Montclair, East Colfax, and Park Hill neighborhoods, now is the time to sell while prices are high. With houses in huge demand in northwest Denver, home values and housing prices have gone way up. Selling your house can give you the cash needed to move to an area that doesn’t have such high property taxes and insurance rates.
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