If you’re interested in living somewhere that has plenty of growth in jobs and housing, this list is for you.
Realtor.com recently took a look at cities across the country and put together their list of “boom towns” by combining projected measures of job creation, household formation and new construction for 2016 and determining their five-year projected household growth.
The areas who made the list have as much as five times the average job growth of the top 100 counties in the country. And there’s some serious growth happening outside of jobs, too, though. According to the website, household growth in each of these areas is between one and seven times the average growth of the top 100 areas, while new home starts are between one and six times the average growth in the top 100 counties, And each of the top 10 individual ZIP codes are projected to see a growth in households of between 9% and 19% over the next five years, Realtor.com found.
At the top of the list is Phoenix suburb Gilbert, Arizona. The town’s population doubled every five years from 1980 to 2000, and buildout is anticipated in 2030 with a population of 305,000, according to the Town of Gilbert’s website. Gilbert also has one of the highest median incomes in the state of Arizona at $80,080, and a population of three persons per household.
“The strength of the residential real estate market is closely correlated to growth in jobs and households,” Jonathan Smoke, chief economist for Realtor.com, said in a press release. “The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start to see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next.”
Here’s Realtor.com’s list of the top 10 cities for job and housing growth.
1. 85297 — Gilbert, Arizona
Largest Neighborhood: Power Ranch
2. 90012 — Los Angeles
Largest Neighborhoods: Historic, Cultural, Elysian Park, Mission Junction
3. 75201 — Dallas
Largest Neighborhoods: Downtown, Arts District, Uptown, Farmers Market
4. 33132 — Miami
Largest Neighborhoods: Downtown, Midtown, Seaport
5. 89179 — Las Vegas
Largest Neighborhood: Mountain’s Edge
6. 98121 — Seattle
Largest Neighborhood: Belltown
7. 27571 — Rolesville, North Carolina
Largest Neighborhoods: Villages of Rolesville, Carlton Pointe, Cedar Lakes
8. 11249 — Brooklyn, New York
Largest Neighborhood: Williamsburg
9. 60603 — Chicago
Largest Neighborhoods: The Loop, downtown Chicago
10. 30363 — Atlanta
Largest Neighborhood: Atlantic Station
If you’re looking to buy a new home, it’s good to make sure you can meet down payment requirements before shopping for a mortgage. You should also make sure you can handle monthly mortgage expenses and safely cover other ancillary costs, like real estate agent fees, property taxes, home insurance and repairs. And your credit should be in tip-top shape. Scores of 740 and higher generally earn the best terms and conditions on a mortgage. You can see your credit scores for free each month on Credit.com to learn where your credit currently stands.
Thinking of moving out of your current city or state? Check out our list of the most affordable places to live in the U.S.
More on Mortgages & Homebuying:
- Why You Should Check Your Credit Before Buying a Home
- How to Get a Loan Fully Approved
- How to Search for Your Next Home