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Economic growth and employment create a lot of opportunities for cities and states. Many states across the US are experiencing various stages of economic growth, from nascent to advanced. Emerging cities have created various opportunities across all sectors, enabling the state to boom in more than one way. Individuals looking to buy a new home or boost their real estate investments can consider the inevitable housing market growth these states will experience. Here are 22 US states poised to lead in the subsequent housing boom:
Texas
22 US States Poised to Lead in the Next Housing Boom
The number of homes for sale in Texas has been steadily increasing along with the steady population growth that the state has experienced. The number of homes listed has grown by over 16% in the past year. This is expected to continue over the next few years, leading to a boom in the state’s housing market, led by the growing tech sector, employment opportunities, and population. This growth has helped to drive housing demand up, which will enable the market to boom.
Florida
Florida is experiencing growth in specific sectors that have created many job opportunities, leading to a steady increase in population. Florida also enjoys various tax benefits that offer residents a lower cost of living and affordable housing options. This especially appeals to people approaching retirement age who want an affordable lifestyle. In addition, Florida has an enjoyable climate all year round, which brings in many new residents each year. This increase in population will drive the demand for housing, enabling the housing market to boom.
North Carolina
Many cities in North Carolina have the potential to see an excellent housing boom for various reasons. Cities like Charlotte, Raleigh, and Durham are seeing rapid population growth driven by the Research Triangle, which appeals to many individuals looking for educational and employment opportunities from the strong job market in these areas. This gives the state a high potential for growth in housing demand among homebuyers and students looking for rental units.
Tennessee
The growing tech industry and the robust music industry in Tennessee appeal to many people who are looking to build careers in these industries. This has fueled the housing market in Tennessee, and this continued growth will lead to a housing boom in the state. As people relocate to the state, the housing demand will continue growing and expanding over time.
Arizona
Arizona’s warm climate, the emerging tech scene in Phoenix, and affordable living costs have created a housing market with the potential to boom in the next few years. The number of homes sold in the state has steadily grown each year. However, this may lead to a decline in the available inventory, creating a booming housing market with high demands, high interest rates, and higher prices, creating a competitive and thriving market.
Colorado
The thriving economy in Colorado has created a strong housing market in the last few years, with 20% of all homes sold selling above the listing price driven by the market’s competitive nature. The influx of new residents to the state, drawn by the strong job market, a business-friendly environment, and easy access to a range of outdoor recreational activities, has been one of the main contributors to the significant growth in the housing market. As the population in Colorado continues to increase as projected, the demand for housing will rise, creating a booming housing market.
Georgia
Cities like Atlanta, located in Georgia, have a diverse economy with multiple employment opportunities across a range of sectors that appeal to many professionals from all over the country. These opportunities, coupled with the vibrant culture and affordable costs, make Georgia a top choice for new residents who continue to migrate to the state each year, driving the population up. This creates a healthy housing market that many investors also see a lot of potential in as house values increase with the increase in demand.
Washington
Home prices in Washington have increased an average of 5.6% in the last year. Cities like Seattle, one of the leading tech hubs in the country, have been a significant contributor to the increase. Other cities in the state also have a wide range of higher education institutions that offer opportunities for students who want to work towards building a secure future. All of these factors have led to an increase in population and demand for housing.
Utah
Utah’s Salt Lake City and other cities have been at the forefront of economic growth in the state, which is emerging from the growing tech scene. Many areas of the state are also known for their family-friendly environments, access to high-quality educational institutions and parks, and low crime rates, attracting many new residents. This has increased housing demand and created a strong housing market that is likely to continue growing in the next few years.
Idaho
The housing market in Idaho is projected to continue to grow, and home prices are expected to keep rising along with the rise in new residents and demand. New residents are drawn to the state because they are attracted to the low cost of living, the stable economy, and the lifestyle that Idaho offers its residents.
Nevada
Nevada has experienced a median home sales price increase of about 6% in the last year. While home prices are growing, the state market in the last few months has created a buyer’s market with lower mortgage rates. However, these rates are likely to go up again, leading to a rise in the overall cost of a home. This will occur as new residents and investors enter the market looking to take advantage of the current low interest rates, increasing the housing demand. Housing demand is also likely to increase as the population grows, with people drawn to Nevada’s friendly tax laws and lifestyle.
South Carolina
In the last year, home prices in South Carolina have increased by an average of about 2.3%, signaling the strong housing market in the state. If this trend continues over the next few years, South Carolina’s housing is very likely to boom. The state is already attracting many new residents each year who are drawn to its historic and scenic attractions, the low cost of living, and the strong job market, which gives retirees and working professionals many opportunities in the state.
Ohio
Ohio’s home prices have increased by over 8% in one year, demonstrating the increase in the value of homes with the increase in population and demand. This strong and steady growth is likely to continue for the next few years as new residents enter the state to reside in cities like Columbus, where economic revitalization and population growth have increased housing demand. As Ohio continues to make developmental changes, housing demand will likely increase, creating a boom in the state’s housing market.
Michigan
Affordable housing options, infrastructural developments, and growing economic sectors across Michigan have breathed new life into the state through population growth. Home sales and prices have grown in several areas of the state, making it a favorite destination for housing properties among homeowners and investors. The strong economy, vibrant culture, and beautiful landscapes attract many new residents to the state each year, and they are likely to continue doing so in the future.
Virginia
The housing market in Virginia is expected to maintain steady growth and stability over the next few years. This is mainly because the housing demand in the state will increase with the new residents who enter the state looking for new possibilities and a new way of life. Home prices in the state are projected to increase by over 3% by the end of the year, indicating a strong potential in housing in the state for investors and homebuyers who will enable the housing market, especially in cities in proximity to the nation’s capital, to boom over the next few years.
Massachusetts
Massachusetts has a strong foundation of high-quality educational and research institutions and a growing tech industry, which makes the state very popular, especially among young professionals. The variety of opportunities in the state attracts residents from all over the country and even from around the world who enter the state’s thriving job market. This has led to an increase in demand for housing.
Illinois
Home to major cities like Chicago, Illinois, has experienced continued and steady economic growth for decades, driven by the large opportunities in the various thriving sectors throughout the state. The diverse job market that supports population growth has created a housing market with increasing home prices that will rise by an average of about 8%. Illinois is also home to many secure neighborhoods for families and a robust job market that contributes to the increase in the state’s population and the demand for housing.
New Mexico
The affordable housing market and low cost of living in New Mexico are ideal for many people who want to lead a low-cost lifestyle. New Mexico is also known for its unique culture and natural beauty, which offer residents a range of different experiences that are rarely found anywhere else in the country. This has helped to attract new residents into the state, which contributes to creating a strong economy. As the population in New Mexico continues to increase, the demand for housing will grow.
Maryland
Over the last year, Maryland has experienced an average 5% steady increase in home prices. The state has a resilient economy, low unemployment rates, and a high median household income, which all contribute to its appeal. New residents enter Maryland each year to leverage its potential. This rise in population has led to a natural rise in the demand for housing, which contributes to the rising prices and the state’s potential housing boom.
Kentucky
Kentucky has experienced an increase in home prices of about 7% compared to the previous year, driven by economic strength and the unique cultural scene. Although home prices are increasing, the overall cost of housing in the state is very affordable, enabling homebuyers and investors to enter the market at lower costs than other states in the country. Kentucky has also experienced steady growth in its GDP, with an annualized rate of over 4% within the last five years, demonstrating its potential for new residents.
Oregon
Oregon boasts a competitive housing market, enabling housing to boom in the next few years if a similar trend continues. The demand for housing in the state is high while the inventory is quite low, increasing home prices significantly and contributing to a strong housing market. Portland has been a large contributor to the robust housing with its vibrant lifestyle, growing job market, and the range of opportunities in the state, all working together to boost housing demand from the influx of new residents.
Alabama
Affordable property values, a friendly community, and a diverse economy have been some of the contributors that attract new residents and investors to Alabama. Home prices have increased by nearly 3% in the last year. The state’s affordable housing and living costs make it an ideal place for homebuyers looking to buy a home in an area where home values have consistently grown. This has helped create a strong housing market that will likely boom in the future.
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