gentrification

noun

1. the buying and renovation of houses and stores in deteriorated urban neighborhoods by upper- or middle-income families or individuals, raising property values but often displacing low-income families and small businesses.
2. the process of conforming to an upper- or middle-class lifestyle, or of making a product, activity, etc., appealing to those with more affluent tastes: the gentrification of fashion.

noun

1. British a process by which middle-class people take up residence in a traditionally working-class area of a city, changing the character of the area