Best known as the home of Baylor University, the central Texas metro of Waco is also known for its Texas Ranger Museum Hall of Fame and birthplace of the popular Dr Pepper (no period!) soda. The tragic, 51-day Branch Davidian siege that killed 74 members of an apocalyptic religious sect and former President George W. Bush’s ranch in Crawford are also part of the Waco metro.

With a median age of 34.1, Waco is slightly younger than the state, which reported a 2021 median age of 35. Its population has grown 12.1 percent since the 2010 Census to include 275,105 people. Median household incomes have increased an inflation-adjusted 6.8 percent since 2011 to $52,836, considerably less than the statewide median of $67,321.

Its large college population gives the metro a somewhat transient atmosphere, with only 81.4 percent of the population reporting that it lived in the same place in 2021 that they occupied during the previous year. Families make up 64.8 percent of households, fewer than the state’s 68.9 percent rate. Married couples account for 45.2 percent of households, also less than the statewide rate of 50 percent.

Homeowners occupy 60 percent of Waco households, slightly less than the 62.4 percent Texas rate. Single-family, detached homes make up 68.5 percent of the area’s housing stock, slightly more than the statewide figure of 65 percent. Complexes with more than 50 units account for 3.3 percent of housing in the area, about half the statewide rate. The median value of a Waco home is $161,200, a considerable premium from the statewide median of $202,600.

New home construction has been modest. A TractIQ review of building permit records found at least 834 housing units worth an estimated $289.8 million have been planned or built since 2019.
The typical Waco resident has access to 8.89 square feet of self-storage space, slightly more than the 7.36 square feet for all Texans and the 8 square feet for the nation. Prices range from $1.19 per square foot to $1.74 per square foot, roughly in line with the statewide average of $1.40 and the national figure of $1.59.

Carver
Zip Code 76704

The 76704 zip code is located just across the Brazos River from downtown Waco. It is intersected by Interstate 35, a major thoroughfare between Laredo, Texas, and Duluth, Minn. The area has suffered from poverty and high crime rates and is one of the poorest Texas neighborhoods outside of the Rio Grande Valley.

The area is among the youngest in the state, with a median age of 27.9, more than seven years younger than the Texas median of 35. It has lost 2.7 percent of its population since 2010 and now numbers 7,791 people. Its median household income of $19,338 represents an inflation-adjusted 7.1 percent loss since 2011 and is among the lowest in the region.

The neighborhood is transient, with only 78.5 percent of residents reporting that they lived in the same place in 2021 that they occupied during the previous year; the national average is 86.6 percent. Families make up 47.9 percent of households, considerably less than the 64.8 percent metro figure. Married couples account for 10.3 percent of households, among the lowest numbers in the state.

Most homes in the area are rentals; only 31.5 percent of households are owner-occupied, barely half the 60 percent metro figure. Single-family homes make up 55.2 percent of the 76704 housing stock, while complexes with more than 50 units account for 1.7 percent. The median value of a home in the area is $106,900, a hefty discount from the metro median of $106,900.

New residential construction is sparse. A TractIQ review of building permit records found three projects with an estimated value of $10.1 million have been planned or built since 2019.

The typical resident in the zip code has access to 1.4 square feet of self-storage space, much less than the metro figure of 8.89 or the state average of 7.36 square feet. Prices for a square foot of self-storage average $1.60, the median amount for the metro and on par with the national average of $1.59 per square foot.

Bellmead
Zip Code 76705

The 76705 zip code is a sprawling area north of Waco that includes the small city of Bellmead, Native for “beautiful autumn valley.” The area sits in the middle of one of the metro’s busiest intersections at Interstate 35 and Loop 340. It’s also home to the TSTC Waco Airport, a public use facility that was formerly part of the Connally Air Force Base but is now the largest airport in the U.S. that’s owned by an educational institution.

The area’s median age of 34.7 is only slightly older than the metro median of 34.1. Since the 2010 Census, the area has boosted its population to 31,902, a 9.4 percent increase. Its median household income has risen an inflation-adjusted 0.8 percent to $45,572 since 2011, considerably less tha the Waco metro median of $52,836.

The zip code is somewhat transient, with only 79.2 percent of residents reporting that they lived in the same place in 2021 that they occupied during the previous year. Families make up 65.2 percent of households, slightly more than the 64.8 metro average. Married couples account for 43 percent of all zip code households, a little less than the metro rate of 45.2 percent.

Homeowners occupy 56.1 percent of the 76705 zip code’s homes, less than the 60 percent metro rate. Single-family detached homes account for 63.5 percent of the area’s housing stock, less than the metro figure of 68.5 percent. Complexes with more than 50 units only make up 0.6 percent of housing units in the zip code. The median value of a home in the area is $125,900, a considerable discount from the $161,200 median for the Waco metro and the $202,600 median for Texas.

New residential construction figures were not available for the zip code, but a TractIQ review of building permit records finds at least 834 housing units worth an estimated $289.8 million have been planned or built in Waco since 2019.

The typical resident in the zip code has access to 3.32 square feet of self-storage space, much less than the 8.89 square feet available to Waco residents or the 7.36 square foot average for the entire state. Prices in the zip code for a square foot of storage average $1.19, on the low side of the metro range and a considerable discount from the $1.40 average for the state.

McGregor
Zip Code 76657

When thinking about space, a southwest Waco suburb probably isn’t the first place that comes to mind for most people. But McGregor, the site of the World War II-era Bluebonnet Ordnance Plant, has been a center for rocket development for decades now. It’s currently hosting a SpaceX rocket engine development and test center (although not always happily; local officials approved an ordinance in 2016  to curb noise from the company’s tests).

The area skews older, with a median age of 37.8, almost four years older than the metro median of 34.1. It has grown 30.5 percent since the 2010 Census, with a population of 11,723. Its median household income of $779,921 is much higher than the Waco median of $52,836, and represents an inflation-adjusted increase of 15.9 percent since 2011.

The 76675 zip code is relatively stable, with 85.7 percent of residents reporting that they lived in the same place in 2021 that they occupied during the previous decade. Families make up 77.7 percent of households, a significantly larger share than the metro average of 64.8 percent. Married couples account for 57.6 percent of households, also far more than the metro average of 45.2 percent.

McGregor has a very high homeownership rate; 74.7 percent of householders reported living in owner-occupied homes in 2021, far more than the 60 percent rate found in the Waco metro. Single-family homes make up 85.1 percent of the area’s housing stock, almost 25 percent more than the metro rate of 68.5 percent. Complexes with  more than 50 units account for only 0.9 percent of the zip code’s housing units. The median value of a home in the 76657 zip code is $306,500, significantly more than the $161,200 metro median or the $202,600 Texas median.

New residential construction activity was unavailable for the zip code. A TractIQ review of building permits, however, found at least 834 housing units worth an estimated $289.8 million have been planned or built since 2019.

The typical resident in the McGregor area has access to 2.34 square feet of self-storage space, much less than the Waco metro average of 8.89 square feet or even the Texas average of 7.36 square feet. Prices average $1.74 per square foot, at the high end of the Waco metro range and a premium over the statewide average of $1.40 per square foot.

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Author: Frank Bass