Do You Live in the Fastest-Growing City, or the Slowest?
Do You Live in the Fastest-Growing City, or the Slowest?
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Looking for a place with a hopping job market, rising wages (woohoo!), and a turbo-charged economy? Then you might want to consider heading to Texas.
Four Lone Star State cities, from little to large, were among the 10 fastest-growing cities economically in the nation, according to a recent report from WalletHub. Thank the state’s low taxes and cost of living, business-friendly climate, and affordable homes for that.
The personal finance website looked at the overall, working-age, and college-educated population of 515 cities for the analysis. It also included a host of economic factors, including job and median household income growth; decrease in unemployment and poverty; and the increase of the number of start-ups, businesses, and venture capital investments.
“Economic growth is not necessarily regional. It really is up to city leadership to diversify economic and business sectors,” Jill Gonzalez, a WalletHub analyst, said in a statement. “Smaller cities are growing at a faster rate because they tend to offer strong work and economical environments for their residents, with strong school districts that attract young families.”
What are the fastest-growing cities?
The fastest-growing city was Frisco, TX, according to the report. The city had the highest job growth and the second-highest population growth, after Kent, WA.
The suburb of Dallas, which has been growing steadily in its own right, is home to a 91-acre sports and entertainment district that houses the Dallas Cowboys World Headquarters. Jamba Juice announced it was relocating its headquarters from California to the city in 2016.
The city is home to several big medical companies, including Careington International Corp., Conifer Health Solutions, and Baylor Scott & White Sports Therapy & Rehabilitation Center.
“We’ve still got room to grow. We’re only 60% built out,” says Shona Huffman, director of government affairs at the Frisco Chamber of Commerce. Much of that empty space is former farmland. “You have a lot of residential space. And you have room [to develop] along the tollway spine.”
As a result of that business growth, more newly constructed communities of single-family homes have been cropping up as well. There are also mixed-use developments that combine retail stores and office space with condos and apartments.
“They are selling out faster than originally planned,” Huffman says.
The median list price in Frisco is $514,000, while the closing price is $310,000, according to realtor.com® data.
Frisco was followed by Kent, WA; Lehigh Acres, FL; Meridian, ID; and Midland, TX. Rounding out the top 10 were McKinney, TX; Fort Myers, FL; Bend, OR; Austin, TX; and Pleasanton, CA.
These spots are good for job seekers and job hoppers—as well as those angling for a raise.
What are the slowest-growing cities?
The slowest-growing cities were primarily in the South, with Shreveport, LA, topping the list. It was followed by Jacksonville, NC; Fayetteville; NC; Decatur, IL; and Montgomery, AL.
Shreveport had the second-lowest job growth and the fourth-lowest gross domestic product growth of all of the 515 cities on the list. It also saw the smallest poverty rate decrease.
But Shreveport does at least have reasonably priced homes. The median list price was just $149,000 compared with the national average of about $275,000.
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Source: Real Estate News and Advice – realtor.com » Real Estate News