The Fastest Growing Cities In The USA For Real Estate Investments 2022-2023
The fastest growing cities in the USA are decided by each metro area’s net migration, which is evaluated by population growth or loss during the previous years. An area’s migration is dependent on many factors with work being the most important one.
The daily journey to work and the nine-to-five work routine are a thing of the past for many individuals today. Employees demand more flexibility and work-life balance. The pandemic-induced change has allowed people to search for more remote opportunities. It has provided people with the opportunity and space to pursue hobbies and other passion projects.
Many new startups are initiating in small areas and many are expected to thrive in a few years. Based on startup survival rate and population growth trends, we have listed down cities that have the potential to be profitable real estate investment opportunities.
Austin & Round Rock, Texas
Austin and Round Rock are quickly becoming the fastest-growing cities in Texas. They provide reduced taxes, plentiful job possibilities, especially high-skilled tech professions, and bustling culinary and cultural scenes. The local population is 2,295,303 as of 2021, a 3% growth over the previous year. Many employees, in particular, relocated from Silicon Valley to Austin, where Tesla is currently headquartered. According to the Bureau estimates, Austin’s population is 2,352,426 as of July 2021. The region’s headcount climbed by 2.3 percent in a year.
The real estate markets of these areas are also thriving which means they can prove profitable over time for future investments. Austin has a huge demand for buyers looking to buy homes at higher prices. Similarly, Round Rock house prices were up 13.5% year on year in June 2022, with a median price of $525K. Homes in Round Rock sell in 22 days on average, compared to 28 days last year.
Fort Myers, Florida
Fort Myers is a booming city on Florida’s Gulf Coast, located between Tampa and Miami. The year-round warmth, rich foliage, rivers, and closeness to white sand beaches have long drawn visitors. According to US Census Bureau data, the population of Fort Myers has increased by over 40% between 2010 and 2020.
As a result, the real estate market has become competitive and profitable for future investors. Housing prices in Fort Myers have consistently risen in recent years, owing to growing household incomes. However, the city remains less costly than several other Florida communities. Buyers can locate properties priced significantly below state and national norms in the rural areas east of Fort Myers.
Huntsville is Alabama’s largest city. Huntsville, Alabama’s most populated city, has grown rapidly in the recent decade. Huntsville’s population rose by more than 2% between 2019 and 2020, one of the fastest rates in the country, thanks to firms providing new employment and opportunities to the local community. Huntsville inhabitants spend around the same on electricity and food as the typical American, a little less on transportation, and slightly more on health care.
Huntsville, another fastest-growing city in the USA, has a hot thriving real estate market. The city records high prices and tough competition for buyers this year. Huntsville is one of the most sought-after renter hubs in the South. It draws tenants of the city’s affordability, slower pace of life, and expanding job prospects. These are examples of healthy housing markets that are stable, inexpensive, flexible, and have a low risk of loss. This makes Huntsville a profitable place for investors looking to invest in opportunities that will land them bigger gains in the future.
Raleigh & Durham, North Carolina
Raleigh and Durham are among the fastest growing cities in the USA, with university graduates choosing to stay and others moving to the city for career possibilities. The local population has increased due to attractions like world-class museums and an abundance of outdoor sports, as well as a low cost of living. Residents enjoy lower property taxes and lower housing expenses than residents in other popular migration locations.
Raleigh’s property market is one of the most sought-after in the country. Innovative development creates exciting new living choices for both individuals and families.
The number of housing units in downtown Raleigh has more than tripled in the last two decades. One attraction for potential real estate investors and developers in Raleigh is the availability of property on which they can build new projects.
Boise has been named as one of the fastest growing cities in the USA by Forbes in 2018. The city has drawn tens of thousands of new inhabitants each year due to its low cost of living, attractive work-life balance, and accessibility to nature. With the COVID-19 epidemic, remote working became the norm, and the appeal of fast-paced large city living began to fade. One of the most appealing aspects of Boise is its affordability, especially when it comes to household expenses. When compared to other Northwest metro regions, such as Seattle and Portland, Oregon, Boise leads in regards to value for your housing dollar.
Boise is an excellent location for residential real estate investment being a hot seller’s market with rising rents and housing prices. This is an excellent opportunity for local buyers to locate their ideal houses and make an investment for the next five to ten years.
What makes Sarasota one of the fastest-growing cities in the USA? It is an urban suburb with a steady housing market and all of the facilities of a city. The vast majority of inhabitants in the neighborhood own their own houses. It has excellent public schools. According to the U.S. News and World Report, the city is the best place to retire in the country.
The Sarasota metro region has witnessed high demand for its limited home supply, particularly from out-of-towners looking to work remotely while relaxing on the beach. Sarasota is also attracting a new demographic. Younger Americans are flocking to Sarasota, particularly first-time home buyers. Working from home has finally become commonplace.
Denver, Lakewood, & Aurora
The Denver Metropolitan area is the fastest growing area including Lakewood and Aurora, especially after the pandemic. The Denver-Aurora-Lakewood metro region in Colorado boasts one of the country’s fastest expanding high-tech industries. Employment in high-tech industries increased by almost 19% between 2015 and 2020. The surge in employment in the pharmaceutical and medicine manufacturing industries also drove the expansion.
Currently, Denver has a hot seller’s market. As Denver grows in popularity, finding that dream house becomes increasingly challenging due to stiff competition. Part of what makes buying a property in Denver in 2022 so competitive is that sellers frequently prioritize bidders who can pay more than the asking price in cash.
Here’s How Regentology Can Assist You In Your Move
Planning to make your move to any one of the cities mentioned above? Allow Regentology to assist you with your move to any of the cities you like. Our experienced real estate investment professionals know where to identify the greatest income-producing properties, whether you are searching for short-term cash flow or long-term appreciation. Whether you plan on buying property for personal use or investment purpose, we will guide you along every step of the buying process.
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