Bedford-Stuyvesant’s/Crown Heights’s 11216 ZIP code has seen the biggest spike, as the median home value rose a dramatic 194 percent – more than in any other Brooklyn neighborhood.
According to a recent study published by RentCafe, five Brooklyn ZIP codes, including Bedford Stuyvesant/ Crown Heights, are among the 20 most gentrified areas in the United States. The real estate website analyzed data from the 2000 Census and the 2016 American Community Survey and looked at the changes that took place over a decade and a half in 11,000 US ZIP codes.
RentCafe’s report based its findings on three specific data points to determine the levels of gentrification: the median home value, the median household income and the share of residents that hold a bachelor’s or higher degree.
Among Brooklyn neighborhoods, parts of Bedford-Stuyvesant and Crown Heights have seen the biggest spike, as home values rose dramatically in the 11216 ZIP code, the study reveals. While the area ranked “just” tenth in the nation overall, the median home value increased by 194 percent – more than in any other Brooklyn neighborhood.
The 11237 and 11221 ZIP codes, which encompasses areas in Bushwick, ranked 14th and 17th. While the changes in median household income were less drastic than in other areas, the study shows that the influx of highly educated residents – 125 percents and 100 percent respectively – are an essential factor that accelerates the area’s gentrification.
The biggest changes since the turn of the millennium happened in Williamsburg’s 11211 Zip code, taking the seventh place on RentCafe’s list, followed by Greenpoint’s 11222 ZIP code which ranked ninth. Two other NYC neighborhoods made the list: East Harlem’s 10039 ZIP code was listed fifth, Harlem’s 10026 ZIP code, the area near Columbia University, was ranked 15th.
The nation’s inglorious crown in the ranking of most gentrified areas took the 90014 ZIP code, Downtown Los Angeles: its home value spiked at 707 percent, surpassed by the 857 percent increase of higher educated folks moving into the area.
To see the full report, go here.