In case you were wondering Bushwick is not the most gentrifying neighborhood in the city. It placed fourth on the top 15 list of most gentrifying neighborhoods, according to a study.
The NYU Furman Center on Real Estate and Urban Policy regularly releases reports containing statistics about housing in NYC. They recently released their annual report, “State of New York City’s Housing and Neighborhoods,” which details changes in demographic makeup in three types of NYC neighborhoods (gentrifying, non-gentrifying, and higher-income). Most of the information in the 21 page report is disheartening because problems related to housing affordability seem to touch people in all neighborhoods.
Bushwick’s median rent went up by 44% between 1990 and 2014. At first, this number seems impossible but consider an example, a 44% rent increase would turn a $1200/month price tag on a 1-bedroom into $1735/month. Given those numbers, it’s likely the bulk of that 44% increase happened in the past decade. Other neighborhoods, ranking higher on the gentrification list fared far worse in this metric. For instance, Williamsburg/Greenpoint’s median rent went up by an unbelievable 78.7%.
