Portland 2nd most gentrified city in the US, with more to come
In a study conducted by the Federal Reserve Bank of Philadelphia, Portland was ranked the 2nd most gentrified city in the US.
August 28, 2019
- In a study conducted by the Federal Reserve Bank of Philadelphia, Portland was ranked the 2nd most gentrified city in the US. The analysis was based on the change in number of individuals 25 years or older with bachelors degrees who moved to lower-income neighborhoods. The study tracked 100 cities from 2000 to 2014.
- 41.3 percent of Portland’s low-income central city neighborhoods experienced gentrification, with significant shifts in Mississippi, Alberta, and Cully in Northeast Portland as well as the previously working class neighborhoods of St Johns, Foster-Powell and the Pearl District.
- The gentrification of Portland’s close-in neighborhoods will likely continue, especially with the introduction of opportunity zones from the 2017 tax overhaul. The last hold-out of Portland’s close-in low-income neighborhoods, Old Town – Chinatown, lies within one of the most lucrative opportunity zones in the country – an area that includes the whole of the CBD, The Pearl District and a large portion of the inner Eastside.
- The City of Portland is working to offset the displacement of lower income households with a slew of affordable housing projects. The largest project set to transform the urban core will be Prosper Portland’s Broadway Corridor Project, a 34-acre site on the edge of Old Town and The Pearl District that has the potential to create nearly 4 million square feet of new economic, business, social and community development opportunities.
Source: Portland Business Journal, Federal Reserve Bank of Philadelphia, Prosper Portland