Investing in real estate has many challenges, but the biggest question to answer is the biggest real estate priority in general: location, location, location. If you are looking to invest outside of your hometown, these top growing cities may be a solid bet, as they have growing markets and real estate needs.
5. Myrtle Beach-Conway-North Myrtle Beach, SC-NC
Population growth (2010-2015): 14.07%
Total population: 431,964
Per capita income: $32,913
Unemployment rate: 7.9%
Myrtle Beach is a popular Spring Break, vacation, and retirement destination. It was also America’s 5th fastest growing city over the last five years, with a 14% population increase. Although the unemployment rate is high, that can be partially attributed to the aging population moving there. 22% of the population is 65 and older.
4. Austin-Round Rock, TX
Population growth (2010-2015): 15.82%
Total population: 2,000,860
Per capita income: $47,026
Unemployment rate: 3.2%
It is hard to find a top cities in America list without Austin included these days, and the proof is in the population. The city has grown by nearly 16% over the last five years. It is a booming tech hub sporting an impressively low 3.2% unemployment rate.
Real estate prices in Austin have been on the rise with its population, but if the growth in the Austin metro area continues, real estate prices have far from peaked.
3. Odessa, TX
Population growth (2010-2015): 16.31%
Total population: 159,436
Per capita income: $47,069
Unemployment rate: 5.4%
Another Texas city, Odessa grew by over 16% in the last five years. With an economy highly tied to the oil industry, it may not be the best investment option for 2016. Major employers in Odessa include oil and oil dependent companies including Saulsbury Industries, Halliburton, and Weatherford. This city grew over the last five years primarily thanks to the 14,000 people who moved to the area.
2. Midland, TX
Population growth (2010-2015): 17.57%
Total population: 166,718
Per capita income: $94,863
Unemployment rate: 3.8%
That’s right, three Texas cities made this list. Midland has an impressive 3.8% unemployment rate and grew over 17.5% over the last five years. Even more, the per capita income is the highest on this list at $94,863.
The midway point between Fort Worth and El Paso, this city was built on the backs of the railroads and saw a major downtown building boom thanks to oil and gas giving it an impressive skyline. In 2014, the city held the lowest unemployment rate in Texas.
1. The Villages, FL
Population growth (2010-2015): 26.11%
Total population: 118,891
Per capita income: $37,558
Unemployment rate: 7.3%
Like Myrtle Beach, The Villages has grown primarily thanks to an influx of retirees looking for good weather and reasonable living costs. Located in Central Florida, The Villages grew a whopping 26% over the last five years.
Over half of the population is 65 and older, making it the highest concentration of 65+ Americans as a percentage in the nation. The unemployment rate is over 7%, so don’t move there expecting the same booming economy as some other cities on the list. This city is truly built for the retired.
Investing in these cities is not a sure bet, but if they are done right, the payoff can be excellent. If you live out of town, it is best to find a local, experienced real estate agent to guide you through the area. If you don’t know a local agent, we can help you find one at AgentHarvest.
View the entire top 20 fastest growing cities at 24/7 Wall Street.