A recent SmartAsset study that reviewed more than 500 major American cities has released a list of the fastest-growing cities in America.
A recent survey reveals that many Americans are moving to areas with lower housing and living costs because the costs are still high nationwide.
A recent survey reveals that many Americans are moving to areas with lower housing and living costs beacuse the cost is still high nationwide.
In a recent SmartAsset study, more than 500 major American cities were reviewed, and they were ranked according to a variety of factors, such as changes in population, average household income, housing units, and unemployment over the five years from 2016 to 2021, average annual GDP growth, one-year changes in unemployment, and unemployment rates in September 2022.
Known as “boomtowns,” SmartAsset discovered that Nampa and Meridian, both in Idaho, are experiencing the fastest growth. According to data from the federal government, both have had rapid growth in terms of their populations, number of businesses, and housing units.
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Through the top 15 “boomtowns,” cities in Texas, California, and Florida received high rankings. According to SmartAsset, these are the Top Boomtowns in America for 2022:
- Nampa, Idaho
- Meridian, Idaho
- Murfreesboro, Tennessee
- New Braunfels, Texas
- Fort Myers, Florida
- Conroe, Texas
- Menifee, California
- Pasco, Washington
- Lewisville, Texas
- Chino, California
- Port St. Lucie, Florida
- Rancho Cordova, California
- Victorville, California (Tie)
- Riverview, Florida (Tie)
- Homestead, Florida
Santa Clara, Mountain View, and Milpitas in California have experienced the greatest average annual GDP growth rates, each at 6.32 percent. The highest changes in population and housing units over the past five years were seen in New Braunfels, Texas, at 36.10 and 40.86 percent, respectively. According to data, the growth in the number of businesses in St. George, Utah, has been the biggest at 31.20 percent.
Considering relocating to a “boomtown”? According to experts, timing is crucial to maximising benefits.
“Moving to a boomtown at its earliest stages can be a great opportunity for entrepreneurs and investors, as there’s still plenty of room for growth,” Edith Reads, senior editor at TradingPlatforms, told SmartAsset. “And for those who are looking for a job, there are usually plenty of opportunities available in rapidly growing cities.”
Reads cautioned that it might be too late to capitalise on a city’s growth if it has already reached its peak.
In this situation, delaying the move until the city’s population growth slows down could be a better idea, according to Reads. By doing this, you can stay out of a housing or job crunch.