A case study of two ZIP codes confirms what people have thought for years: younger professionals have helped revitalize once-neglected, inner-city neighborhoods.
The study comes from an examination made by Pro Teck Valuation Services in its May Home Value Forecast. The real estate analysis firm examined two ZIP codes — one in the Lyn-Lake area of Minnesota's Twin Cities and one in South Boston — and found that both saw higher valuations due to an influx of young professionals the last several years.
Pro Teck did not provide specific figures as to how much those areas had increased in value on average, though it cited data from the American Institute for Economic Research.
"While millennials' impact can be seen, the rehabilitation of America's inner cities does not happen with a broad brush," said Tom O'Grady, chief executive of Pro Teck Valuation Services in a statement. "Change comes one building, then one neighborhood, then one ZIP code at a time."
