This Is the Most Affordable Fastest-growing City in the U.S.
You know that slightly uneasy feeling in the pit of your stomach about the economy? Yeah. Everyone is feeling that, too. But if you're hoping to surround yourself with movers and shakers in a city that's also affordable, GoBankingRates has a few ideas for you.
In late April, GoBankingRates released the findings of its new study ranking the most affordable places to live in the U.S. that are also experiencing significant population growth. After looking at all the data, it named Frisco, Texas, as the top spot.
MethodologyTo figure out these destinations, the team used the Census American Community surveys from 2018, 2022, and 2023 to find the total population growth, total number of households, and the median household income, which were all used to calculate the one-year and five-year changes. (GoBankingRates noted that "to qualify for this study, the city had to have a total population of at least 100,000, a 1-year and 5-year population growth larger than the national growth rate … and an average rental cost or average mortgage cost lower than the national average.) It also pulled relevant data from Zillow's Observed Rental Index and the Zillow Home Value Index, along with data from the Federal Reserve Economic Data, Sperling's BestPlaces, and the Bureau of Labor Statistics Consumer Expenditure Survey. Next, it used the median household income and the total cost of living for homeowners and total cost of living for renters to calculate the leftover savings potential for renters and homeowners. And after looking at all the data, it named Frisco, Texas, as the top spot.
Related | Frisco, Texas, Is Having a Moment—What to Know | Learn More
"Frisco, Texas, is the nation's most affordable, fastest-growing city," it proclaimed in the findings. "Within a five-year span, the population has increased by 26.9 percent. The annual cost of living is reasonable for both renters and homeowners, with renters paying $46,718 and homeowners $72,262 annually."
In case you're unfamiliar, Frisco is a smaller part of the Dallas-Fort Worth metro area, and comes with a population of about 225,000 people. As the city's website explains, there's plenty to do for just about everyone, including exploring the 6-acre Kaleidoscope Park, taking in a show at the Black Box Theater, visiting the National Soccer Hall of Fame, or getting a little walk in by checking out the Big Bluestem Trail.
However, Frisco isn't the only Texas town making a splash.
"Texas is officially home to the most cities that are fast-growing and affordable enough for your money," GoBankingRates noted. 'The Lone Star State recently swept a new GoBankingRates study ranking the most affordable U.S. places that have large population growth, with 12 cities in the top 50."
Other top spots on this list include Goodyear, Arizona, in second place, followed by McKinney, Texas; Fishers, Indiana; and Allen, Texas; rounding out the top five. See the full list at gobankingrates.com.
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