Small farms and well-established small businesses remain the economic core of Easthampton. Easthampton changed its charter in 1996 to become a city. The downtown area since 1996 has attracted a small community of artists and young people migrating due to Easthampton's lower cost of living compared to nearby Northampton, a hub of the bohemian community regionally. Small stores around Main Street, Union Street, and Cottage Street have changed business due to the influx of this new demographic. This growth has produced new arts and cultural events such as the monthly Art Walk Easthampton, held each "Second Saturday", in which visual, music and performance artists showcase their talents at venues around the city. In November 2018, the administration of Massachusetts Governor Charlie Baker announced a $3.5 million grant through the MassWorks program to the Ferry Street Mill redevelopment project in the city.