Prices of homes - for sale or for rent - are shooting across the U.S., especially in prime cities and towns. It isn't such a wonder why some people are opting to look for lower priced homes situated away from the city, but many people are still wary of moving because of several other factors. Is it time for you to skip the main cities and go for these booming towns in the U.S.?
As previously reported here on Realty Today, the busy spring home buying season has officially begun with houses selling quickly on the real estate market and buyers flocking the market in search of a new home. The increase in the demand for more homes for sale and for rent has led to an increase in the prices of rental homes and houses for sale.
This has discouraged some buyers, especially first-time homebuyers, from competing with investors and other buyers who have stellar credit scores. However, Realtor.com noted that buyers may still be able to get a home that they want and still experience growth in terms of finances and career.
The publication listed 10 of the fastest-growing neighborhoods in the U.S., which reflect a high percentage of growth over a period of five years. The outlet analyzed the ZIP codes and took into account job growth, household growth, and new home construction.
It has been revealed that the cities on the said list will go through "the most balanced growth," which may add to homebuyers' options when looking for listings in the market.
"They are seeing the job creation that leads to the country's greatest growth in households. But they are also seeing more new construction, which is needed to enable the forecasted growth," said the publication's chief economist, Jonathan Smoke.
Included in the list of booming towns in the U.S. are Power Ranch, Gilbert, AZ; Historic Cultural Center, Los Angeles, CA; Downtown, Dallas, TX; Downtown, Miami, FL; and Mountain's Edge, Las Vegas, NV.
