One Demographic Is Driving Gentrification in Major Cities
Gentrification is reshaping urban areas all around the world, displacing large segments of the population and making cities increasingly unaffordable.
In San Francisco, only 12 percent of households can afford a median priced home, which is over $1.5 million. In Hong Kong, the world’s most unaffordable city alongside Singapore and Paris, there are currently some 90,000 families living in inadequate housing conditions.
A study of urban development and its social, physical, and environmental impact recently examined two decades of cultural transitions in Hong Kong with a focus on how the changing status of women and attitudes toward marriage have altered the real estate market.
What was found is that single women in Hong Kong have played a surprising and little-studied role in gentrification.
Women have been marrying later in life around the world for many years. The extent of this trend has varied globally, though, reflecting different levels of cultural change and resulting in different regional economic impacts.
This trend has produced a ripple effect throughout the economy, including the property market and local redevelopment, as the increased number of single women — who are also attaining higher-paid jobs —boosts demand for housing