Just to be perfectly clear, whenever I say "any person" that includes black people. (Black people really are people. They can interbreed with other people without sterile offspring. We had a war about it, Supreme Court decisions about it. You can look it up. It was kind of a big deal, albeit before you were born.) Therefore "ghetto" could be used to insult a black person* who is ready and willing to be insulted, but not a black person who is not ready and willing to be insulted. Accusing, say, J.C. Watts of being "ghetto" would be no different than accusing him of being a 6' tall purple rabbit with ears made of celery, so I doubt he would be insulted. Aspiring black rappers might well be pleased. Other black people would react in many different ways.
* Since a black person by definition falls into the set of those qualified as "any person".