17 Fastest Growing Cities in the US

Fateha Maqbool
8 min read

In This Article:

In this article, we will be taking a look at the 17 fastest-growing cities in the US. If you want to skip reading our analysis of the impact of housing shortage and high taxation on population decline in the US, you can go directly to see the 5 Fastest Growing Cities in the US.

Impact of High Taxes and Unaffordable Housing on Population Decline

A report by the US Census Bureau, reflecting the migration data between US states and cities, shows that people have migrated from high-tax states to low-tax states in significant numbers. These interstate estimates provided by the Bureau clearly show that a larger number of people are migrating from central cities in favor of smaller cities. New York lost 1.1% of its population between 2022 and 2023. Additionally, Hawaii and Alaska lost 0.8% of their populations, California 0.9%, and Illinois 0.7%. The primary factors for these population shifts are the high taxes and high cost of living in these metropolitan cities. Tax burdens and expensive housing, as a combination, force people to move to lower-income-tax states. Real estate data provided by ATTOM reported the increase in property taxes on single-family homes in the US. From $328 billion in 2021, the taxes increased by 3.6% and reached $339.8 billion in 2022.

Coupled with high taxes, the high cost of housing is a crucial factor that leads to mass migration in the US. The Annual Social and Economic Supplement (ASEC) of the Current Population Survey (CPS) by the US Census Bureau surveyed the factors impacting people's decision to shift within the US. The survey highlighted that cheaper housing, wanting ownership of their property, and spacious housing were some of the main reasons people chose to change cities. Meanwhile, employment-related concerns were another crucial factor that led to migration to other states as well. COVID-19 had a significant impact on migration trends between 2020 and 2021. A large percentage of people shifted from central metropolitan cities to smaller and less populated regions. The shift in work environments and the availability of work-from-home options also play a crucial role in allowing people to explore their options. Such working conditions allow people to consider more options without tying themselves to bigger cities only due to their office's proximity. You might also be interested in learning about the 20 Most Affordable Housing Markets in the US in 2023 or 30 Countries with Most Affordable Housing in the World.

Prominent Housing Companies in the US

Let's look at the recent updates from some major housing companies in the US, including Cavco Industries, Inc. (NASDAQ:CVCO), Toll Brothers, Inc. (NYSE:TOL), and NVR, Inc. (NYSE:NVR). If you're interested in learning about housing markets across the globe, here are the 20 Most Expensive Housing Markets in the World.

Recommended Stories