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The downtown area of Los Angeles, which borders the district long known as “Skid Row,” may have been one of the last places where upwardly mobile buyers would have thought of property shopping a scant decade or two ago. But urban pioneers who bought in the 90014 ZIP code, dubbed “New Angeles” by developers, around the new millennium have hit the jackpot.

This neighborhood gentrified the most from 2000 to 2016, according to a recent study from rental listings website RENTCafé. Home values jumped 707% over the period as more affluent renters and buyers came pouring in. But, as is traditionally the case with large-scale urban gentrification, the area’s transformation has proved to be a double-edged sword: Buyers who got in early enough have earned significant home equity, but some longtime residents have been displaced.

RENTCafé’s rankings are based on the change in home values, household income, and the number of residents with a bachelor’s degree or higher in the nation’s 11,000 fastest-growing ZIP codes from 2000 to 2016. The data analyzed came from the U.S. Census Bureau. Only ZIP codes with more than 2,000 occupied housing units in both the years 2000 and…