“Compton Is LA’s Hot New Housing Market.”
That’s the headline of a CBS Los Angeles article on the gentrification currently taking place in the community that is home to some of the world’s most talented rappers.
According to the news site, homes not too far from the beach are selling for “less than $400,000.” The area has also been branded “the new trendy city to make a buy,” according to CBS2.
“We walk every night to the park, bread store or look at Christmas lights. That’s a pretty one,” said real estate broker Julio Ruiz, who added, “Now you have a Target, Best Buy. It’s like living in Porter Ranch now as far as services come.”
The homes may be relatively inexpensive for those who have funds, but what about the folks who have been living in the predominantly Black and Latino neighborhood for decades? We’d venture to guess these homes aren’t being marketed to them.
“Our mortgage is less than what our rent was,” Karla Scott, who now owns a home in Compton, said.
Though folks with money to purchase the newly renovated properties can get excited about taking their bars off of the windows and safely “walking for tacos” as the article states, we can’t help but wonder what will happen to the Compton residents who cannot afford big houses not far from the beach.
The 2028 Summer Olympics, as well as a nearby football stadium that will be home to as many as two NFL teams are in the works, which will undoubtedly make the area’s home values appreciate.
“I’m not gonna be the guy that says, ‘man I remember Compton was bad. Everything was so cheap. I should’ve bought then.’ Right now is the time to do it,” said Ruiz.
Ruiz is right … if you can afford to buy there.