chapter  3
Recent Trends: Gentrification and Globalization
Pages 26

In the late 1970s and early 1980s, journalists began to take note of an emerging “back to the city” movement as so-called urban pioneers bought and renovated housing in distressed inner-city neighborhoods. Gentrification refers to the upgrading of a core neighborhood that occurs when young professionals-especially singles and childless couples-place new value on city living. The term itself denotes the arrival of a relatively well-heeled urban “gentry” who have discovered the value in living close to the job and entertainment opportunities of an active downtown. In the initial phases of gentrification, urban pioneers view homes in low-priced inner-city neighborhoods as a “good buy.”