DS News - U.S. Bank

32 10 MOST GENTRIFIED ZIP CODES IN THE U.S. As an area expands, so does its population. Over time, as people, home values, and incomes change, so does the area. Many areas in a city remain the same for years together and then there are those that are renovated or improved to conform to the tastes of the people (especially the upwardly mobile) living there. So which are the fastest gentrifying areas in the U.S.? RentCafe.com tried to answer that question by studying the 2000 Census and the 2016 American Community Survey and analyzing the changes that took place over a decade and a half across 11,000 U.S. ZIP codes. e study considered three crucial data points to get its rankings—the median home value, the median household income, and the population that holds a bachelor's or higher degree. e final ranking was based on a simple average of the ranks the ZIP codes obtained in each of these categories. With a 707 percent change in home values and a 95 percent change in household incomes, the 90014 ZIP Code of Los Angeles topped the list of the fastest gentrifying areas across the U.S. Coming in at second place was the ZIP Code 20001 in Washington, D.C. with a home value change of 207 percent and a household income change of 163 percent. ZIP codes 77003 in Houston, Texas; 19123 in Philadelphia, Pennsylvania; and 10039 in Manhattan, New York rounded up the top five ZIP codes. ey were followed by ZIP codes in Fort Worth, Texas; Philadelphia, Pennsylvania and three ZIP codes in Brooklyn, New York in the top 10 rankings of the most gentrified areas in the country. In terms of gentrification only by home values, the study found that the average home value in 2016 for the list's top 20 gentrified ZIPs was $446,730 with an average increase of 224 percent since 2000. ZIP codes across New York City dominated this category. e East Coast, in fact, has dominated the rankings. e study indicated that two ZIP codes in the Home to Hollywood and one in Tacoma are the only cities that represent the West Coast. e study found that 12 of the top 20 most gentrified ZIP codes in the U.S. were on the East Coast, with five of these located in Brooklyn alone, followed by two each in Manhattan, Philadelphia, and Washington, D.C. CHASE NO. 1 FOR PROVIDING FINANCIAL ADVICE In an environment of poor money management and lack of financial literacy, the first point of contact for customers when seeking advice related to financial issues is usually the retail banks. is presents a great opportunity for banks to increase customer satisfaction. Unfortunately, J.D. Power's U.S. Retail Banking Advice Study indicates banks are struggling to utilize innovative avenues for providing advice in the wake of disappearing bank branches. Chase leads the Satisfaction Index rating with 829 points and is regarded as best among the 17 surveyed banks. Regions Bank (823 points), M&T Bank (821 points), and Bank of America (813 points) are considered "better than most". e study found that 78 percent of retail bank customers admit they could benefit from financial advice. e top five issues that customers need advice on are better management of personal finances (41 percent), guidance on investments (39 percent), retirement (35 percent), budgeting and household expenses (33 percent), and savings (29 percent). Despite the high number of customers in need of advice, in the past year, a meager 28 percent reported receiving financial guidance from their bank. Within this, 89 percent were satisfied with the quality of advice. e quality of advice ranks highest for advice provided face-to-face at 58 percent, followed closely by advice provided through bank's website or mobile app at 45 percent. And customer satisfaction is lowest at 33 percent when advice is provided through email. "For banks, the key takeaway from this study is that there is a huge opportunity to leverage a combination of in-person and digital interactions to provide advice and guidance that assist customers in their financial journey," said Paul McAdam, Senior Director of the Banking Practice at J.D. Power. "For customers, these findings shine a light on the valuable role that retail banks can play as a source of trusted financial advice and guidance. Customers should take the opportunity to check out the financial advice and guidance provided by their bank."

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