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Fastest-Growing Cities in the U.S. and Their Impact on Mortgages

America is experiencing a fascinating trend in urban growth. While some data suggests that Americans are moving less frequently than in previous decades, other data reveals that certain cities are experiencing significant population booms. In this article, we will explore the fastest-growing large cities in the U.S., the factors driving their growth, and how these trends can impact your mortgage needs. If you’re considering a move or need mortgage services, contact O1ne Mortgage at 213-732-3074 for expert assistance.

21 Large Cities Added 100,000 or More Residents Since 2016

According to U.S. Census data, 21 large cities have added 100,000 or more residents since 2016, growing by at least 5%. This influx of new residents has significant implications for local economies, housing markets, and credit scores. Here are the cities that have experienced the most substantial growth:

• Provo-Orem, UT: 18.9% growth
• Lakeland-Winter Haven, FL: 18.3% growth
• Austin-Round Rock-Georgetown, TX: 17.4% growth
• Boise City, ID: 17.4% growth
• Raleigh-Cary, NC: 13.8% growth
• Jacksonville, FL: 13.5% growth
• North Port-Sarasota-Bradenton, FL: 13.1% growth
• Orlando-Kissimmee-Sanford, FL: 12.6% growth
• Nashville-Davidson-Murfreesboro-Franklin, TN: 11.2% growth
• Dallas-Fort Worth-Arlington, TX: 10.4% growth
• Charlotte-Concord-Gastonia, NC-SC: 10.3% growth
• San Antonio-New Braunfels, TX: 9.4% growth
• Las Vegas-Henderson-Paradise, NV: 8.6% growth
• Tampa-St. Petersburg-Clearwater, FL: 7.9% growth
• Houston-The Woodlands-Sugar Land, TX: 7.8% growth
• Atlanta-Sandy Springs-Alpharetta, GA: 7.5% growth
• Phoenix-Mesa-Chandler, AZ: 7.3% growth
• Indianapolis-Carmel-Anderson, IN: 6.7% growth
• Seattle-Tacoma-Bellevue, WA: 5.7% growth
• Sacramento-Roseville-Folsom, CA: 5.5% growth
• Columbus, OH: 5.3% growth

Where Are All These New People Coming From?

The influx of new residents to these booming cities can be attributed to several factors. Many new residents are moving from larger metropolitan areas such as New York City, Los Angeles, and Miami. For example, New Yorkers are moving to Atlanta and Charlotte, while former Los Angeles residents are relocating to Boise, Phoenix, and Seattle. Additionally, intra-state migration is significant, with many new residents moving from one city to another within the same state.

Boom Cities, Boom Credit Scores

Not only are these cities experiencing population growth, but they are also seeing improvements in their average FICO® Scores. Since 2016, the fastest-growing large cities have increased their average FICO® Scores by an average of 23 points, outpacing the national average increase of 15 points. Here are some notable examples:

• Austin-Round Rock, TX: +23 points
• Boise City-Nampa, ID: +10 points
• Charlotte-Gastonia-Concord, NC-SC: +22 points
• Columbus, OH: +21 points
• Dallas-Fort Worth-Arlington, TX: +19 points
• Houston-Sugar Land-Baytown, TX: +16 points
• Indianapolis-Carmel, IN: +25 points
• Jacksonville, FL: +23 points
• Las Vegas-Paradise, NV: +30 points
• Nashville-Davidson, TN: +26 points
• North Port-Sarasota-Bradenton, FL: +23 points
• Orlando-Kissimmee, FL: +22 points
• Phoenix-Mesa-Scottsdale, AZ: +31 points
• Provo-Orem, UT: +25 points
• Raleigh-Cary, NC: +22 points
• Sacramento-Arden-Arcade, CA: +24 points
• San Antonio, TX: +24 points
• Seattle-Tacoma-Bellevue, WA: +25 points
• Tampa-St. Petersburg-Clearwater, FL: +25 points

Migration Trend Will Likely Persist Into the Decade

The trend of population growth in Southern and Western U.S. cities is expected to continue throughout the decade. Economic conditions in these metros have encouraged residential construction, attracting more new residents from cities with expensive housing markets and limited new housing supply. However, there are challenges that may impede migration, such as the ongoing housing shortage and affordability issues.

At O1ne Mortgage, we understand the complexities of the housing market and are here to help you navigate your mortgage needs. Whether you’re moving to one of these booming cities or looking to refinance your current home, our team of experts is ready to assist you. Contact us today at 213-732-3074 to learn more about our mortgage services and how we can help you achieve your homeownership goals.

Conclusion

The growth of these large U.S. cities presents both opportunities and challenges for residents and potential homebuyers. Understanding the factors driving this growth and the impact on local economies and credit scores can help you make informed decisions about your mortgage needs. For personalized mortgage services and expert advice, reach out to O1ne Mortgage at 213-732-3074. We’re here to help you every step of the way.

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