Top 10 Rising Housing Markets

People take many factors into account when deciding where to buy a home. For some homebuyers, access to good public schools is important, while for others, safety is a priority. Homebuyers may also want to consider whether the value of their home will increase. But it can be difficult to predict where and how quickly home values ​​are expected to rise. Below, we rank 10 rising housing markets, based on current data, home values ​​can be expected to increase.

Find out: How many houses can you buy?

To find the rising housing market, we looked at data on population change, change in housing units, change in median income, and change in median home value. To understand where we get our data and how we put them together to compile our rankings, see the data and methods section below.

Main discovery

  • Texas Property Review – Texas cities make up half of the top 10 spots. Colorado is the only other state with more than one city in the top 10. There are also three other Texas cities ranked between 11 and 25. , giving the state a total of eight appearances. in the top 25.
  • Might be better to rent in Michigan – Three of the 10 housing markets at the bottom of our list are in Michigan. They are Detroit, Lansing and Warren. It might make sense to rent here with home values ​​falling.

1. Midland, Texas

Good news for Midland homeowners: The median home value increased 23% between 2011 and 2015 and median income increased by nearly 20%. For both of those measures, Midland came out on top in our study. And more than that, a lot of people are flocking to the city. The population has increased by 12.78% in the past 5 years but the number of housing units has only increased by 5.71%. With demand for housing outstripping supply, home values ​​could continue to rise.

2. Denver, Colorado

There can be a number of reasons why people move to Denver. The weather is good, with nearly 300 days of sunshine a year, and skiing is one of the best activities in the country. Data from the Census Bureau shows that Denver’s population grew 10% between 2011 and 2015. During that time, the number of housing units grew by just 3.7%, increasing demand for housing.

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3. Odessa, Texas

Odessa is similar to Midland, which is another Southwest Texas town where the local economy is powered by the energy industry, specifically oil. According to Census Bureau data, despite the downturn in oil prices, median income in Odessa increased 14% between 2011 and 2015. That could be one explanation for why population Odessa has recently risen. Between 2011 and 2015, Odessa’s population grew by almost 12%. That outstripped growth in single-family homes, which grew only 6.6% year-on-year. Given that reality and the growing economy, it looks like median home values ​​will continue to rise.

4. Washington, DC

Washington, DC is one of the most affordable cities in the top 10. In 2015, the median home value in the nation’s capital was $475,800. Despite such a high price, it looks like the price will continue to rise. Washington, DC’s housing supply grew only 2.64% between 2011 and 2015. During the same period, the city’s population increased by 9%. Can’t decide if now is the time to buy a home in DC? Check out our rent versus computer purchase.

5. New Orleans, Louisiana

Big Easy ranks fifth on the list of growing housing markets. Median incomes grew by about 8% between 2011 and 2015, meaning that people in New Orleans have more spending power. With population growth outpacing housing unit growth by about 10%, it is expected that some of that income will shift to housing.

6. Austin, Texas

Austin ranks sixth in terms of the rising housing market. People are moving to the capital of Texas for many reasons. The economy is doing well with median incomes up 7.36%, and Austin is a great city for creative activities. All of this has put pressure on home values. Between 2011 and 2015, median home values ​​rose nearly 14% in Austin. Housing prices may continue to rise as Austin’s population is growing faster than housing supply by 5.19%.

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7. McAllen, Texas

Located in south Texas just before the Mexico-U.S. border, McAllen is another city with a burgeoning housing market. McAllen’s population grew 6.8% between 2011-2015 – perhaps attracted by the increased income. While that’s a smaller growth than Austin (13 percent) or Midland (12 percent), consider that McAllen’s housing supply grew only 1.7 percent. That makes the difference between new population and new housing 5.17%.

8. Fort Collins, Colorado

Fort Collins residents have seen some of the fastest home value growth in the country recently. Between 2011 and 2015, the median home value increased by 9.74%. Only 13 cities across the country have grown faster than that. With the population growing by 7.7% and housing units by only 2.39%, it is likely that median home values ​​will continue to rise. Unfortunately for Fort Collins residents, home value growth is outpacing median income growth by about 2.5%, so home affordability could become an issue.

9. Sunnyvale, California

SmartAsset found Sunnyvale the safest city in America for two years in a row. Perhaps that explains part of the reason why its population grew by 7% between 2011 and 2015. Interestingly, the difference between Sunnyvale population growth and housing supply growth is just 3, first%. That’s one of the lowest spreads in the top 10, but home values ​​could continue to rise as median incomes in the area are rising rapidly. The median income of Sunnyvale residents increased by an average of 14.19% between 2011 and 2015 – the biggest jump in the top 10.

10. Frisco, Texas

Another Texas city makes the top 10. Frisco is a relatively small city with a population of just 137,000 in 2015. But that population has grown rapidly. From 2011 to 2015, the population increased by 25% and with it a housing boom. Housing supply increased by 20.6% year-on-year, resulting in a gap between newcomers and new homes of 4.6%. If you’re looking to get into Frisco’s housing market, you might want to act early as it has the sixth-fastest home price growth.

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Data and Methodology

To find the top 10 growing housing markets, we looked at data from 308 cities with populations over 100,000. Specifically, we looked at:

  • Change in median home value. This is the percentage change in median home value from 2011 to 2015. Data from the US Census Bureau’s 2011 and 2015 American Community Surveys.
  • Change in average income. This is the percentage change in the average individual’s income. Data taken from the 2011 and 2015 US Census Bureau 5-year American Community Censuses.
  • The difference between population change and housing unit change. This is the difference between the percentage change in population and the percentage change in housing units from 2011 to 2015. Data from the 2015 Census Bureau’s 2015 American Community Survey United States number. Here’s an example: In Midland, Texas, the population increased by 12.78% and the number of housing units increased by 5.71%, so the difference between them is 7.07%.

We ranked each city on each of the three metrics with equal weights for each. Next, we find the average rating for each city. Finally, we score each city based on its average rating. The city with the highest average rating receives a score of 100, and the city with the lowest average rating receives a score of 0.

Questions about our research? Contact us at press@smartasset.com.
Image credit: © iStock.com / Photobuay

Derek Miller, CEPF® Derek Miller is a graduate of the University of Edinburgh, where he studied economics. He’s passionate about using data to help people make better financial decisions. Derek is a Certified Educator in Personal Finance® (CEPF®) and a member of the Association for the Advancement of Business Writing and Editing. He’s a data journalist with expertise in finding stories in the numbers. Derek’s articles have been published on Yahoo, AOL and the Huffington Post. He believes the biggest financial mistake people make is waiting too late to save for retirement and missing out on the wonders of compound interest. Derek lives in Brooklyn.

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