East Austin area named among top 10 fastest-gentrifying US neighborhoods

Austin

AUSTIN (AUSTIN BUSINESS JOURNAL) — Austin is near the top of another list for real estate growth — but not in the way most residents and policymakers would want.

The East Austin ZIP code of 78721 ranked No. 4 among the fastest-gentrifying neighborhoods in America’s major cities in an analysis by Realtor.com.

Amid Austin’s boom, private developments like upscale apartments and luxury condos have moved into lower-income areas, particularly east of I-35. Rising property values have led to higher taxes and increased costs of living, pricing out many local businesses and longtime residents.

Read the full story at Austin Business Journal.

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