Portland is 4th fastest gentrifying U.S. city, says Realtor.com

Historic downtown Portland Oregon Sign

Historic downtown Portland Oregon Sign

Portland was deemed the fourth U.S. city gentrifying the fastest, according to analysis by the real estate database Realtor.com.

To some cities, displacing poor or working-class families from neighborhoods undergoing a revival is a new phenomenon. Not so in Portland, where city leaders allowed urban renewal that razed blocks of homes as far back as the 1950s.

Supporters of gentrification say long-term homeowners see property values rise, and benefit from safer streets, better schools, new retailers, services and jobs.

But as Portland has experienced, whole communities can be displaced when people can’t afford to remain in their neighborhood.

Realtor.com data showed that the Portland’s median home price zoomed from $148,000 in 2000 to $340,000 in 2015, a 129.7 percent increase.

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