Can't Afford New York or San Francisco? Try These Fast-Growing Cities
Coastal cities like New York and San Francisco are no longer top destinations for Americans relocating from other parts of the U.S.
The fastest-growing cities in the U.S. today are primarily inland areas that offer more affordable housing, reversing a trend from 2000 to 2006 when cities with the highest rents grew the most, according to data from real estate firm Redfin cited by The New York Times. The percentage of people citing housing costs as their primary reason for moving long distances has risen from 8 percent in 2007 to 18 percent today. The data sample excluded cities with poor job growth.
Many of the fastest-growing cities in the U.S. with affordable rents are located in Texas, the data show. Between 2006 and 2012, the cities of Dallas and Fort Worth--home to 151 companies on last year's Inc. 5000 list of the fastest-growing companies in the U.S.--grew by 10 percent and 12 percent, respectively. Other affordable cities in the state with high growth in recent years include Austin, El Paso and San Antonio.
Columbus, Ohio and Little Rock, Arkansas are also luring domestic migrants in high numbers thanks to less expensive housing compared to coastal cities.
As Inc. reported in March, New York represents the most expensive real estate market in the U.S., and sixth most expensive market in the world.
Below is a chart showing the top eight U.S. cities by population growth between 2006 and 2012.
|The Fastest-Growing U.S. Cities|
|San Antonio, TX||15.6%|
|Cape Coral, FL||12.9%|
|Las Vegas, NV||12.6%|
|Growth rates for 2006-2012||Source: Redfin|