With all the talk about gentrification of city neighborhoods, it’s easy to lose sight of the fact that U.S. suburban growth since 2010 has outpaced urban growth by 7.9% to 6.6%.
Partly that’s due to Americans who are being displaced by gentrification moving out to the suburbs, and partly that’s due to the fact that suburban homes are cheaper and services like schools are generally better.
Jonathan Smoke, chief economist at Realtor.com, notes:
Most high-growth urban areas just don’t have enough land, so prices are higher and homeownership is typically lower. It’s tempting to live in a walkable urban neighborhood … but the costs make it hard to afford, especially for large or growing families.
Realtor.com looked at where the number of households, home listings, list prices and demand for homes are growing the fastest for every ZIP code in the 50 largest metro areas. Here is the researchers’ list of the 10 fastest growing suburbs, along with the median price for a suburban home and the percentage difference with a home in the city.
- Denver, Colorado
Northeast Denver: median price of $270,000 is 50% less than median price for a house in the city - Dallas, Texas
Wylie, Texas: median price of $369,000, 26% less than urban home - San Francisco, California
Dublin, California: median price of $890,000, 22% less than a house in the city - Austin, Texas
Daffan, Texas: median price of $348,000, 30% below a home in the city - Tampa, Florida
Palm River-Clair Mel, Florida: median price of $134,000 is 62% less than a house in Tampa - Orlando, Florida
Vista East, Florida: median price of $231,500 is 17% below the price in the city - Miami, Florida
Cutler Bay, Florida: median price of $290,000, 38% less than a home in Miami - San Jose, California
Milpitas, California: median price of $850,000 is 26% less than a home in San Jose - Nashville, Tennessee
Murfreesboro, Tennessee (Williamsburg): median price of $295,000 is 30% less than a home in Nashville - Raleigh, North Carolina
Apex, North Carolina: median price is $429,000, a premium of 3% to a home in Raleigh
See Realtor.com for more details.
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