As Austin further develops and communities grow at a record pace, there’s a word that goes hand-in-hand with the boom: gentrification. Now, a national study names one Austin ZIP code in the top 20 most gentrified since the turn of the century.
The East Austin ZIP code of 78702 (encompassing the East Cesar Chavez, Holly, and Chestnut neighborhoods), ranks No. 13 in a survey conducted by RentCafe. In a dramatic display of Austin's affordability crisis, home values in the area increased a whopping 212 percent between 2000-2016. At the same time, the share of the population holding a bachelor's degree increased 201 percent, and the household income increased by 47 percent.
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 2,000 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.
Fort Worth's 76102 ZIP code, which includes downtown, ranks No. 6 on the list, with a 323 percent change in home value, 103 percent change in household income, and 122 percent change in higher education.