KTLA.com | Dec 18, 2022
As housing and living costs remain unaffordable for many living in Los Angeles, new data shows plenty of residents are migrating to more affordable locales.
A new SmartAsset study shows the migration trend to more affordable cities has created a series of “boomtowns” across America.
These cities saw the largest increase in population, income and available housing over a five-year period from 2016-2021.
Three Southern California cities, in particular saw the largest growth — Menifee, Chino and Victorville.
Located in Riverside County, the population in Menifee has increased by 20.21% to around 106,400 residents between 2016-2021. Workers in the city experienced an increase of over 42% in incomes. Housing availability has also boomed, rising by almost 20% over five years.
Residents enjoy the sparse suburban feel with plenty of local parks and outdoor activities. Menifee’s residents are mostly comprised of families and retired folks, according to Niche. Average home prices are $572,051, according to Zillow.
Chino ranked highest for its five-year housing and income growth among the winner’s list. The number of housing units increased by almost 30% while the median household income increased by around 42% to $97,473. Chino’s population is just under 93,000.
Located in San Bernardino County, locals say the Chino is a suburban town with easy access to dining, entertainment and plenty of outdoor parks. Its residents are a mix of families and young professionals. The median home price is $715,682 according to Zillow.
The population in this San Bernardino County has grown by 11% over the past five years while housing units have increased by 15%. Local businesses have also increased by 12%, according to the study.
Locals say Victorville is a great place to raise a family, boasting low crime rates, great schools and affordable housing. The median home price is $415,547, according to Zillow. Its residents are a mix of young families and retirees.
Here are the Top Boomtowns in America in 2022 according to SmartAsset:
- Nampa, Idaho
- Meridian, Idaho
- Murfreesboro, Tennessee
- New Braunfels, Texas
- Fort Myers, Florida
- Conroe, Texas
- Menifee, California
- Pasco, Washington
- Lewisville, Texas
- Chino, California
- Port St. Lucie, Florida
- Rancho Cordova, California
- Victorville, California (Tie)
- Riverview, Florida (Tie)
- Homestead, Florida
To narrow down the final list, researchers analyzed data for 500 of the largest cities using seven metrics:
- Five-year population change
- Average yearly GDP growth
- Five-year growth in number of businesses
- Five-year change in number of housing units
- September 2022 unemployment rate
- One-year change in unemployment rate
- Five-year change in household income
Thinking of moving to a “boomtown”? Experts say timing is important to reap the most benefits.
“Moving to a boomtown at its earliest stages can be a great opportunity for entrepreneurs and investors, as there’s still plenty of room for growth,” said Edith Reads, senior editor at TradingPlatforms.“ And for those who are looking for a job, there are usually plenty of opportunities available in rapidly growing cities. However, if a city has already reached its peak, it may be too late to get in on the action. In this case, it may be wiser to wait until the city’s growth slows down before making the move. This way, you can avoid getting caught in the midst of a housing or job crunch.”
Check out SmartAsset’s full study of America’s Top Boomtowns in 2022.