Real Estate Rumblings
As Fort Worth further develops and its communities thrive and propagate at record pace, there’s a word that goes hand-in-hand with the boom: gentrification. Now, a national study names one local ZIP code in the top 20 most gentrified since the turn of the century.
The ZIP code of 76102, including downtown Fort Worth, ranks No. 6 in a survey conducted by RentCafe. In a dramatic display, from 2000-2016, home values in the area increased a whopping 323 percent. In 2000, the median home value was only $46,842; in 2016 it was $198,363. At the same time, the share of the population holding a bachelor's degree increased 122 percent, and the household income increased by 103 percent (up from $29,368 to $59,487).
Rent Cafe’s analysts took to the 2000 Census and the 2016 American Community Survey and looked at the changes that took place over a decade-and-a-half in 11,000 U.S. ZIP codes. The study ranked them on all three scales and created an average ranking to determine which areas experienced gentrification from 2000 to 2016. Only those that had more than 2000 occupied housing units in the year 2000 as well as in 2016 were included.
Two other Texas cities land on the list. Houston's 77003 (East Downtown) and 77007 (primarily Rice Military, Memorial Heights, and parts of Washington Corridor) rank Nos. 3 and 19, respectively. The former saw a home value change of 284 percent over the time period studied, while the latter saw a 114 percent increase in household income.
East Austin's 78702 ZIP code ranks No. 13 on the list. The area saw a home value increase of 212 percent over the time period studied.