Fastest Changing Metro in America
The San Francisco/Oakland metro has the fastest changing neighborhoods in the nation according to the latest research of census data from 2013 to 2017 from National Community Reinvestment Coalition, taking over the lead from Washington DC (2000 – 2012). San Jose ranked eighth and Sacramento ranked ninth. Criteria include the rate of increases in median household income, higher education level and median home value. East Bay in particular has the most number of such gentrifying neighborhoods. The study concludes that Opportunity Zones, a new federal tax credit program to encourage real estate and economic development, “may trigger displacement in gentrifying neighborhoods.” In the Bay Area, significant undersupply coupled with high demand for housing over the course of many years are the major factors leading to the neighborhood change, according to the Urban Displacement Project at UC Berkeley, “Coastal cities have the hottest housing markets and most intensive job growth.” However, the Pandemic is having major shifts in neighborhood preference, but that census data will not be available for several more years.