I disagree. The respectable "modern" variant of ghetto is still to refer to people or things of a group that are constrained to a limited area. There is the "gourmet ghetto" in North Berkeley, for example.
It seems like you're referring to the slang usage of the term, which is mainly used by upper middle class youth when referring to things outside their economic class and daily reality, is pejorative, and is often tinged with racism.
It seems like you're referring to the slang usage of the term, which is mainly used by upper middle class youth when referring to things outside their economic class and daily reality, is pejorative, and is often tinged with racism.