American cities with growing economies and relatively affordable housing

If you are thinking about moving to a fast-growing city, then it will mostly look like this: there will be a lot of jobs, a lot of entertainment, but housing there will be very expensive.

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However, there are places in which housing currently remains affordable, despite rapid economic growth, writes Trulia.

Experts of the publication examined data on jobs, population, economic development and housing prices in different US cities, and found that after the financial crisis of 2008, different parts of the US are recovering at different speeds.

Summarize the situation as follows:

Too fast: The economy in some cities is growing very rapidly, which leads to a rapid increase in prices.

Residents of Las Vegas, Nevada, San Jose, and Oakland, California, have experienced first-hand that population and job growth can cause home prices to soar. From 2012 to 2017, San Jose's population grew by 5,3% and employment by 14,5%. At the same time, the cost of housing in this region over the same period increased by 122,7%.

Why? The relationship between supply and demand. During the same period, new housing construction in the city was not progressing fast enough, with one housing unit being built for every 2,13 new residents. With increased demand and insufficient supply, rising prices are a natural result. The same situation is observed in cities such as Oakland, San Francisco (California), Las Vegas (Nevada), and Fort Lauderdale (Florida).

Too slow: rural economy is not growing at all.

Between the 2012 and 2017 years in the rural districts, the population decreased by 1%. As a result, rural areas have stalled in terms of the number of jobs and housing costs. Although this trend began even before the Great Recession, it became more dramatic after the crisis, as these regions stop very slowly.

Optimal development: physically growing cities have good economy and affordable housing.

Home prices in cities like Austin, Texas, and Charlotte, North Carolina, are certainly rising, but the increases are not as rapid, while the cities' economies are developing in the same way as those in communities where prices have skyrocketed. Compare, for example, the 37,8% increase in home prices in Raleigh, North Carolina, with the 114,2% increase in prices in Las Vegas.

And this is all connected, again, with supply and demand: in Raleigh, during the period studied, 1 housing unit was built for every 1,78 new residents, and in Las Vegas, one housing unit was built for every 2,99 new residents.

Rapidly developing US cities with affordable housing:

1. Raleigh, North Carolina

• Population growth (2012-2017): 12,3%
• Employment Growth (2012-2017): 18%
• The ratio of new housing units to the number of new residents: 1 to 1,78
• Rising Housing Cost (2012-2018): 37,8%

The average cost of a house in Raleigh is 265 000 dollars. But to the south of the center is the area where you can find houses worth 99 000, the most expensive house in the city will cost $ 1 500 000.

2. Charlotte, North Carolina

• Population growth (2012-2017): 10,1%
• Employment Growth (2012-2017): 18,6%
• The ratio of new housing units to the number of new residents: 1 to 1,95
• Rising Housing Cost (2012-2018): 48,3%

House prices in the city start at 150 000 dollars.

3. Austin TX

• Population growth (2012-2017): 15,3%
• Employment Growth (2012-2017): 20,5%
• The ratio of new housing units to the number of new residents: 1 to 1.99
• Rising Housing Cost (2012-2018): 57,2%

In this city, the growth of the economy and the number of jobs is associated with new offices of well-known companies such as Apple, Hewlett-Packard, Google, Facebook and many others that are open here.

The average price of a house here is $ 513 354, and renting a home per month will cost somewhere in 6 thousands of dollars per month.

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