Moving trends are always changing in the U.S., which isn’t too surprising, considering that the average American moves about 12 times in their life. But these days, the fastest-growing cities aren’t the nation’s largest metropolises. Rather, Americans are heading to slightly smaller cities on the outskirts of these major hubs.
According to a recent report from ATTOM Data Solutions, data shows that homeowners are flocking to markets that are still within the general reach of big cities but are much more affordable. During the first quarter of 2017, the area with the highest percentage of new home buyers was Colorado Springs, CO. Homes there cost 54% less than those in Denver, which is only about an hour away. In Colorado Springs, the median listing price is around $325,000, while in Denver, homes typically go for $500,000.
Daren Blomquist, Senior Vice President at ATTOM, noted in a statement, “The overall trend: More people are buying homes in markets that are still relatively affordable and have access to good jobs. The big cities tend to be extremely expensive.”
The report’s findings are echoed by a Realtor.com analysis, which found that the fastest-growing city for moving companies is Conroe, Texas, located 40 miles north of Houston. The city’s population grew by 7.8% between 2015 and 2016. In second place was Frisco, Texas, located 30 miles north of Dallas. Between 2015 and 2016, that city grew by an impressive 6.2%. Lower taxes and more affordable costs of living were cited as main reasons for these trends.
The majority of the top 15 fastest-growing cities in that analysis are located in the southern part of the United States. These cities generally have more land to build on and have more favorable climates, to boot.
Robert Thompson of Texas Home Group Realtors told Realtor.com, “Everything’s growing up here. All of the big oil companies have moved into the Houston area … That has caused a big demand for housing … It’s the areas all around the city that [are growing].”
For those looking to pursue new opportunities and actually afford to live in a nice home, it seems like the lesser-known ‘burbs are the place to go.