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Boom Towns: The Fastest-Growing Mid-Sized Cities in the U.S.
Despite the challenges posed by the pandemic, inflation, and housing shortages, several mid-sized cities in the U.S. have managed to grow their populations significantly. These “Boom Towns” are not only attracting new residents but also boosting their local economies and credit scores. In this article, we will explore the fastest-growing mid-sized cities in the U.S. and how they are becoming local magnets for new residents and economic activity.
20 Mid-Sized Cities Added 50,000 or More Residents Since 2016
According to U.S. Census data, several mid-sized cities have experienced substantial population growth since 2016. These cities have added between 50,000 to 100,000 new residents, with some seeing nearly 1 in 10 residents being newcomers. Below is a list of the 20 fastest-growing mid-sized U.S. cities:
| City | 2022 Population | Percent Growth (2016-2022) |
|---|---|---|
| Myrtle Beach-Conway-North Myrtle Beach, SC-NC | 536,000 | 19.9% |
| Greeley, CO | 350,000 | 18.4% |
| Fayetteville-Springdale-Rogers, AR | 576,000 | 14.4% |
| Huntsville, AL | 514,000 | 14.4% |
| Cape Coral-Fort Myers, FL | 822,000 | 13.8% |
| Killeen-Temple, TX | 496,000 | 13.7% |
| Port St. Lucie, FL | 521,000 | 12.2% |
| Deltona-Daytona Beach-Ormond Beach, FL | 706,000 | 11.0% |
| Spokane-Spokane Valley, WA | 598,000 | 10.5% |
| Ogden-Clearfield, UT | 714,000 | 9.4% |
| Palm Bay-Melbourne-Titusville, FL | 631,000 | 9.3% |
| Des Moines-West Des Moines, IA | 729,000 | 8.6% |
| Greenville-Anderson, SC | 959,000 | 8.4% |
| Stockton, CA | 793,000 | 8.2% |
| Knoxville, TN | 908,000 | 7.5% |
| Colorado Springs, CO | 765,000 | 7.5% |
| Salt Lake City, UT | 1,266,000 | 6.9% |
| Richmond, VA | 1,339,000 | 6.4% |
| Oklahoma City, OK | 1,459,000 | 6.3% |
| Omaha-Council Bluffs, NE-IA | 977,000 | 5.8% |
Boom Towns, Booming Credit Scores
Since 2016, Boom Towns have seen a significant increase in their average FICO® Scores. On average, these cities have improved their scores by 21 points, compared to the nationwide average increase of 15 points. Here are some notable examples:
| City | Average FICO® Score (2016) | Average FICO® Score (2022) | Change (Points) |
|---|---|---|---|
| Cape Coral-Fort Myers, FL | 695 | 720 | +25 |
| Colorado Springs, CO | 701 | 722 | +21 |
| Deltona-Daytona Beach-Ormond Beach, FL | 687 | 710 | +23 |
| Des Moines-West Des Moines, IA | 715 | 730 | +15 |
| Fayetteville-Springdale-Rogers, AR | 693 | 709 | +16 |
| Greeley, CO | 703 | 725 | +22 |
| Greenville-Anderson, SC | 672 | 706 | +34 |
| Huntsville, AL | 697 | 714 | +17 |
| Killeen-Temple, TX | 663 | 681 | +18 |
| Knoxville, TN | 696 | 715 | +19 |
| Myrtle Beach-Conway-North Myrtle Beach, SC-NC | 681 | 712 | +31 |
| Ogden-Clearfield, UT | 711 | 733 | +22 |
| Oklahoma City, OK | 684 | 700 | +16 |
| Omaha-Council Bluffs, NE-IA | 713 | 729 | +16 |
| Palm Bay-Melbourne-Titusville, FL | 699 | 718 | +19 |
| Port St. Lucie, FL | 694 | 714 | +20 |
| Richmond, VA | 694 | 714 | +20 |
| Salt Lake City, UT | 702 | 726 | +24 |
| Spokane-Spokane Valley, WA | 707 | 728 | +21 |
| Stockton, CA | 678 | 704 | +26 |
Boom Towns Are Local Magnets
Many of the new residents in Boom Towns are moving from nearby smaller metros within the same state. This trend contrasts with larger cities like Boise, Idaho, and Atlanta, Georgia, which attract new residents from major metros like Los Angeles and New York City. The majority of the fastest-growing Boom Towns are located in the Southern and Western regions of the U.S., with Florida being a notable hotspot.
Boom Towns Show Economic Resilience Before and After the Pandemic
Experian’s analysis indicates that Boom Towns were already experiencing above-average economic growth before the pandemic. These cities have shown resilience, with continued growth in local GDP, wages, and employment. This economic stability has made them attractive destinations for new residents seeking better opportunities.
Conclusion
The rapid growth of these mid-sized Boom Towns highlights their appeal as vibrant and economically resilient communities. If you’re considering moving to one of these thriving cities or need mortgage services, O1ne Mortgage is here to help. Contact us at 213-732-3074 for all your mortgage needs. Our team of experts is ready to assist you in finding the best mortgage solutions tailored to your needs.
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