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Two Houston neighborhoods are among the fastest-gentrifying areas in the country, a new study from RentCafé found.
ZIP code 77003, popularly known as EaDo, took third place with a striking 284% rise in home value, as well as a 71% increase in median household income. Houston's Washington Avenue area, 77007, appears at No. 19, posting a 107% home value growth and a 114% spike in household income.
Long defined by warehouses and railroad tracks, EaDo's resurgence has been driven by the Houston Dynamo's BBVA Compass Stadium, which opened in 2012. The area has become a nightlife hot spot with venues like Neil's Bahr and Warehouse Live. Housing and multifamily developments, historically confined to the west side of U.S. 59, have poured across the divide to fill the demand for housing in the hip neighborhood. Office development is close behind with space being constructed at Ancorian's East Village, The Cheek Neal Coffee Building and the old Schlumberger HQ.
Wahington Avenue is home to its own high-profile developments. It too has been historically defined by warehouse spaces and train tracks but has found ways to turn them into something special. Sawyer Yards spans 55 acres of industrial warehouses, densely occupied by art studios, galleries, restaurants, fitness concepts and breweries. Nearby, H-E-B and Midway are working on the Buffalo Heights mixed-use. In the ZIP code's northern area, Heights Mercantile is rethinking Houston retail with an eclectic mix of boutique businesses.
Fort Worth’s 76102, north of Downtown, takes the sixth spot, while seeing the fourth-highest median home value jump in the nation (323%). Austin's 78702, the city's East Side, is the other Texas ZIP that makes the list — at No. 13, with a 212% median home value hike.
RentCafé went over census data from 2000 and 2016 and looked at the changes that took place over a decade and a half in 11,000 U.S. ZIP codes when it comes to median home value, median household income and the population that holds a bachelor’s or higher degree.
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