The cities projected to grow the fastest were released somewhat unexpectedly in the post-pandemic population booms in places such as Phoenix and Austin, Texas.
The projected cities from Redfin and U.S. News and World Report are determined by the net migration of each metro area and whether there has been an increase or decrease in population within the past five years. Home prices have increased an average of 2.9% year-over-year, making metro areas with lower living costs more attractive to first-time buyers.
Here are a few cities expected to grow the fastest this upcoming year.
Myrtle Beach, South Carolina
Usually considered a tourist destination, Myrtle Beach draws in thousands of new residents to enjoy its extensive coastline and sprawling hiking and bike trails. The cost of living in Myrtle Beach is lower than the average of larger metro areas.
According to Redfin, the current standard for a home is $198,000, which is substantially less than the national average of $393,000, according to Redfin.
Lakeland is conveniently located near Orlando and Tampa, making it one of the more overlooked places to buy a home until recently. The area features 38 lakes and dozens of parks to enjoy the state’s beautiful weather.
It is a small metro area in the top five safest places to live in the U.S., and the median home price is aligned near the national average.
Fort Myers, Florida
Florida makes up the majority of U.S. News’ list of fastest-growing cities. Located between Tampa and Miami on Florida’s Gulf Coast, it is ideal for those who enjoy Miami’s hustle and bustle and the beach’s relaxed vibe.
Fort Myers is currently ranked one of the top three safest places to live in the U.S. and has one of the highest average home prices compared to the national average of just over $400,000. The “City of Palms” is an attractive destination for people who enjoy the outdoors because of its proximity to the coast, golf courses, and hiking trails.
Redfin also mentions that San Francisco is the city that people are moving from the most. Between September to November 2022, an average of 32,200 residents left the city for places with a lower cost of living, such as Phoenix or Dallas.