A new study examines gentrification (measured by relative income) at the neighborhoods, revealing the unique case of Cincinnati, which increased wealth faster during the recession than it did during the preceding boom.
Randy Simes provides analysis of a report by the Federal Reserve Bank of Cleveland that examines gentrification during the pre-recession boom of 2000-2007 with what happened after by comparing the neighborhoods that either gained or lost wealth in those two periods.
According to the study, "the majority of 59 cities studied now fall between either a 1 percentile decline or 1 percentile increase between 2007 and 2010. This is in contrast to the housing boom period, which saw cities like Atlanta and Washington, D.C. move up 8.7 and 5 percentiles respectively."
"The results of their research found that only a select handful of regions reasonably continued to see relative wealth growth in their principal cities," adds Simes. The report also "detected one region that bucked the trend and actually increased its gains over the housing boom period": Cincinnati, which did not increase it's income ranking during the boom period before the recession, but increased on the same metric at a pace similar to that of Denver of Washington D.C. during the recession.
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