Latest news with #EugeneEscobar
New York Post
23-05-2025
- Business
- New York Post
This is the fastest-growing town in the US — and it's affordable
What was once a quiet, rural outpost in Texas is now one of the fastest-growing towns in the nation—and it's struggling to keep up with the influx of residents. In just a year, Princeton, TX, about 40 miles from Dallas, has seen its population skyrocket, sparking a construction boom and pushing local leaders into overdrive to manage the rapid pace of growth. Advertisement 'While Texas cities have been leading in population growth, Princeton's rapid ascent to the top spot was mostly unexpected,' the town's mayor, Eugene Escobar, tells Princeton's population grew 30.6% from July 2023 to July 2024, according to the latest data from the U.S. Census Bureau. This makes it the fastest-growing town in the nation with a population under 37,000. 7 The population of Princeton, Texas, has skyrocketed, sparking a construction boom. AP To put that growth in perspective, in 2020, the town had only 17,000 residents. In 2013, the area had only two traffic lights, Escobar adds. Location makes Princeton a magnet Advertisement For new residents, Princeton's location adds to its appeal. 'Fast-growing Princeton offers buyers ample for-sale home options at a lower price tag than the nearby North Dallas suburbs and Dallas itself,' says Hannah Jones, senior economic research analyst at 'Buyers hoping to be on the north side of the Dallas metro can take advantage of low home prices in Princeton, without sacrificing access to the amenities and job opportunities in the ever-expanding greater Plano area.' 7 This 1,500-square-foot, four-bedroom home in Princeton, Texas, is listed for $255,000. Advertisement With a median home list price of $337,000, Princeton is more affordable than the nearest large metro of Dallas ($437,000), but it also hits a lower price point than the neighboring towns of Allen ($549,700), McKinney ($550,000), Plano ($556,000), and Frisco ($727,000). Most homes for sale (96.1%) are single-family. There were 330 homes for sale in Princeton in April, up 72.9% year over year, and up from just 88 homes for sale in April 2019. Many of the listings are new construction with builders such as KB Home, DR Horton, and Starlight Homes (a subsidiary of Aston Woods) all creating new developments in recent years. 7 Construction workers lay fiber optic cable in Princeton, Texas. AP Advertisement Escobar credits the popularity of Princeton to its relative affordability, combined with its proximity to bigger cities with better job opportunities; nearby Lavon Lake, where many come to vacation; high-quality schools; and the area's 'small-town feel despite its growth.' The mayor says those moving in are mostly well-off, younger professionals. The city has a median household income of approximately $90,809, with a median age of 33.2 years—'indicating a youthful and economically active population.' 'Princeton is drawing a wide range of buyers,' Dallas-based Harrison Polsky, of Douglas Elliman, tells 'From young families priced out of Dallas' urban core to professionals seeking a lower cost of living without sacrificing access to job markets. We're also seeing buyers coming in from California, Illinois, and parts of the East Coast—markets where affordability and taxes have become pain points.' 7 The town mayor, Eugene Escobar, says one of the reasons for Princeton's popularity is its relative affordability combined with its proximity to bigger cities with better job opportunities. AP KB Home is one of many builders that have descended upon the once-sleepy town. It opened its 10-plan Princeton Estates there in 2024 and homes are still being built on site. 'Princeton is quickly emerging as one of the most desirable areas in Collin County, thanks to its highly rated schools, access to new jobs, and family-friendly atmosphere,' Marcia Dillon, president of KB Home's Dallas Division, tells Local real estate agent Jennifer Vokolek, of Re/Max DFW Associates, notes other reasons for the area's growth spurt: USDA financing (rural development); access to the new 402-acre EPIC Muslim community in unincorporated Collin and Hunt counties (which Gov. Greg Abbott opposes); and the large amount of new construction that can offer pricing incentives that older homes can't compete with. 7 According to local real estate agent Jennifer Vokolek, the large amount of new construction can offer pricing incentives. AP Advertisement In fact, so many builders—and new residents—fell in love with Princeton that last year the town put a pause on new residential development to give time for infrastructure to catch up. 'The city is working on updating water and wastewater plans, improving road conditions, increasing public safety, and addressing development standards,' said the mayor's office of the construction pause (which does not affect commercial building). It also raised a $109 million bond program to benefit the city's parks. Despite the pause on new-home construction, the mayor noted that about 10,000 houses are in the pipeline. 7 Construction workers build apartments in Princeton, Texas, on May 16. AP Is a slowdown coming? Advertisement Still, there are signs things are slowing. The April 2025 median home list price was down 6.2% year over year, and houses are lingering longer on the market: 45 days, a 44% increase over last year. For example, a brand-new four-bedroom, 2.5-bath house (96% of listings are single-family) in the Princeton Estates built by KB Home has had its price slashed four times since February, from $387,259 to $357,444. (All four of the active Princeton Estates listings have seen price cuts.) Vokolek says the residential building moratorium pushed homebuyers into nearby towns Anna, Celina, and Melissa. It's all of Texas Advertisement Princeton isn't the only Texas town to see incredible growth. Other towns in the top 15 include Fulshear (26.9% increase in population); Celina (18.2%); Anna (14.6%); Fate (11.4%); Melissa (10%); and Hutto (9.4%). It's not only rural areas that saw growth. Big cities such as Houston, Fort Worth, San Antonio, Georgetown, and San Angelo also saw high population increases. In fact, almost all Texas cities with populations of 20,000 or more saw population increases from 2023 to 2024. 7 This four-bedroom home in Princeton, Texas, is listed for $355,000. Only nine areas in the Lone Star State lost residents, and the loss was less than 0.3% of their population. Other metros with population surges Advertisement But it's not just cities in Texas experiencing a growth spurt. The Census Bureau lists plenty of other cities that saw significant growth in one year. Urban cores that had residents fleeing at the start of the COVID-19 pandemic are now seeing a reversal: New York City again tops the list of major cities adding residents, an increase of 87,184 from 2023 to 2024. Rounding out the top five gainers were: Houston (43,217), Los Angeles (31,276), San Antonio (23,945), and Fort Worth (23,442). Florida and Texas continue their major gains that started with the pandemic. Seven cities crossed the 100,000-population threshold, with five of them in those two states: Deltona, FL (population 100,513); Plantation, FL (100,694); Sunrise, FL (100,128); Georgetown, TX (101,344); and San Angelo, TX (100,159). Two others are in the West: Tracy, CA (100,136), and Federal Way, WA (100,252).
Yahoo
23-05-2025
- Business
- Yahoo
This Is the Fastest-Growing Town in the U.S.—and It's Being Praised for Its Affordability
What was once a quiet, rural outpost in Texas is now one of the fastest-growing towns in the nation—and it's struggling to keep up with the influx of residents. In just a year, Princeton, TX, about 40 miles from Dallas, has seen its population skyrocket, sparking a construction boom and pushing local leaders into overdrive to manage the rapid pace of growth. 'While Texas cities have been leading in population growth, Princeton's rapid ascent to the top spot was mostly unexpected,' the town's mayor, Eugene Escobar, tells Princeton's population grew 30.6% from July 2023 to July 2024, according to the latest data from the U.S. Census Bureau. This makes it the fastest-growing town in the nation with a population under 37,000. To put that growth in perspective, in 2020, the town had only 17,000 residents. In 2013, the area had only two traffic lights, Escobar adds. For new residents, Princeton's location adds to its appeal. 'Fast-growing Princeton offers buyers ample for-sale home options at a lower price tag than the nearby North Dallas suburbs and Dallas itself,' says Hannah Jones, senior economic research analyst at 'Buyers hoping to be on the north side of the Dallas metro can take advantage of low home prices in Princeton, without sacrificing access to the amenities and job opportunities in the ever-expanding greater Plano area.' With a median home list price of $337,000, Princeton is more affordable than the nearest large metro of Dallas ($437,000), but it also hits a lower price point than the neighboring towns of Allen ($549,700), McKinney ($550,000), Plano ($556,000), and Frisco ($727,000). Most homes for sale (96.1%) are single-family. There were 330 homes for sale in Princeton in April, up 72.9% year over year, and up from just 88 homes for sale in April 2019. Many of the listings are new construction with builders such as KB Home, DR Horton, and Starlight Homes (a subsidiary of Aston Woods) all creating new developments in recent years. Escobar credits the popularity of Princeton to its relative affordability, combined with its proximity to bigger cities with better job opportunities; nearby Lavon Lake, where many come to vacation; high-quality schools; and the area's 'small-town feel despite its growth.' The mayor says those moving in are mostly well-off, younger professionals. The city has a median household income of approximately $90,809, with a median age of 33.2 years—'indicating a youthful and economically active population.' 'Princeton is drawing a wide range of buyers,' Dallas-based , of Douglas Elliman, tells 'From young families priced out of Dallas' urban core to professionals seeking a lower cost of living without sacrificing access to job markets. We're also seeing buyers coming in from California, Illinois, and parts of the East Coast—markets where affordability and taxes have become pain points.' KB Home is one of many builders that have descended upon the once-sleepy town. It opened its 10-plan Princeton Estates there in 2024 and homes are still being built on site. 'Princeton is quickly emerging as one of the most desirable areas in Collin County, thanks to its highly rated schools, access to new jobs, and family-friendly atmosphere,' Marcia Dillon, president of KB Home's Dallas Division, tells Local real estate agent Jennifer Vokolek, of Re/Max DFW Associates, notes other reasons for the area's growth spurt: USDA financing (rural development); access to the new 402-acre EPIC Muslim community in unincorporated Collin and Hunt counties (which Gov. Greg Abbott opposes); and the large amount of new construction that can offer pricing incentives that older homes can't compete with. In fact, so many builders—and new residents—fell in love with Princeton that last year the town put a pause on new residential development to give time for infrastructure to catch up. 'The city is working on updating water and wastewater plans, improving road conditions, increasing public safety, and addressing development standards,' said the mayor's office of the construction pause (which does not affect commercial building). It also raised a $109 million bond program to benefit the city's parks. Despite the pause on new-home construction, the mayor noted that about 10,000 houses are in the pipeline. Still, there are signs things are slowing. The April 2025 median home list price was down 6.2% year over year, and houses are lingering longer on the market: 45 days, a 44% increase over last year. For example, a brand-new four-bedroom, 2.5-bath house (96% of listings are single-family) in the Princeton Estates built by KB Home has had its price slashed four times since February, from $387,259 to $357,444. (All four of the active Princeton Estates listings have seen price cuts.) Vokolek says the residential building moratorium pushed homebuyers into nearby towns Anna, Celina, and Melissa. Princeton isn't the only Texas town to see incredible growth. Other towns in the top 15 include Fulshear (26.9% increase in population); Celina (18.2%); Anna (14.6%); Fate (11.4%); Melissa (10%); and Hutto (9.4%). It's not only rural areas that saw growth. Big cities such as Houston, Fort Worth, San Antonio, Georgetown, and San Angelo also saw high population increases. In fact, almost all Texas cities with populations of 20,000 or more saw population increases from 2023 to 2024. Only nine areas in the Lone Star State lost residents, and the loss was less than 0.3% of their population. But it's not just cities in Texas experiencing a growth spurt. The Census Bureau lists plenty of other cities that saw significant growth in one year. Urban cores that had residents fleeing at the start of the COVID-19 pandemic are now seeing a reversal: New York City again tops the list of major cities adding residents, an increase of 87,184 from 2023 to 2024. Rounding out the top five gainers were: Houston (43,217), Los Angeles (31,276), San Antonio (23,945), and Fort Worth (23,442). Florida and Texas continue their major gains that started with the pandemic. Seven cities crossed the 100,000-population threshold, with five of them in those two states: Deltona, FL (population 100,513); Plantation, FL (100,694); Sunrise, FL (100,128); Georgetown, TX (101,344); and San Angelo, TX (100,159). Two others are in the West: Tracy, CA (100,136), and Federal Way, WA (100,252). 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Daily Mail
17-05-2025
- Business
- Daily Mail
Southern city named as the fastest growing in America - but locals say it's not all good news
A city in North Texas has been named the fastest growing in America after a boom in population in just one year, according to the US Census Bureau. Princeton, around 45 miles north of Dallas, saw a 30 percent increase in population from July 2023 to July 2024, with a now estimated 37,000 residents from 28,000. The number is more than double the city's population in 2020, and has brought many new jobs to the area. Yet, locals say the city has been left scrambling for resources as the huge increase of people strains their water supply and schools and city services are struggling to keep up. Their mayor, Eugene Escobar Jr., said that after living in the area for a decade he has seen the city's major transformation. Escobar remembers Princeton's only two stoplights and having to go to the next town over to shop. Now, with several more stoplights, Princeton also has its own Walmart. He added that the city had to implement a temporary moratorium on new home construction so infrastructure can keep pace, Associated Press reported. According to Escobar, the city's major influx in population is due to Princeton's affordability and small-town feel. 'It's still cheaper to commute and live in Princeton than maybe live closer to work,' he said. The median house prices in the city sit at $325,000, which is still lower than nearby suburbs, AP reported. Princeton added twice as many houses between 2020 and 2023 as it did in the previous decade, according to census data, the Texas Tribune reported. Durrie Lee Caldwell, a resident of the city since 1961 when its population was only 800 people, recalled to WFAA how he has witnessed it transform. 'Princeton is home for me,' Caldwell said. 'We go from nothing to what it is now.' He recalled how the land was nothing but cows, cantaloupes and cotton, with Highway 380 standing as a two-lane partially gravel road. 'I knew it was gonna hit one of these days. And it hit good for me,' he added. 'We're going to get [the growth] one way or another. You might as well like it.' Escobar told WFAA: 'They want infrastructure. They want things for kids to do. What my goal moving forward is to make sure Princeton is a place where families want to live and stay here.' City officials are attempting to find ways to keep up with the booming population, including improving public amenities with a $109 million bond program to reinvigorate the city's parks. 'We have the ability to dictate what future generations are going to enjoy in Princeton and frame that identity today,' City Manager Michael Mashburn told the Texas Tribune. Princeton is one of many Texas cities experiencing a boom in population. Fort Worth surpassed Austin as the fourth-largest city in Texas with now more than 1 million residents, Fox 4 reported. In addition to Princeton, three other cities in Collin County - Celina, Anna and Melissa - were also among the 15 fastest growing cities nationally. The flocks of people to the southern cities has been reported as a result of many major companies moving their headquarters into Texas. Companies such as SpaceX, Chevron and Oracle all moved to Texas in search of its low taxes and limited regulation. Robert Thomson, Chief Executive Officer of News Corp, was equally enthusiastic about the move to Texas. a subsidiary of Rupert Murdoch's News Corp, announced it is relocating its headquarters from Santa Clara to Austin in February. 'We are proud to be housed in a state which understands the crucial role played by business in providing opportunities for personal growth, professional success and community achievement,' Thomson said of the announcement. 'Our investment in Austin is a downpayment on The American Dream.' SpaceX owner Elon Musk cited abundance of housing and lower taxes as reasons for moving Tesla's offices from California to Texas. Chevron claimed its own relocation was due to increased environmental and business regulations in the blue state. California has strict fuel-quality rules which were imposed to limit harmful emissions and curb environmental damage. According to oil industry analysts, such regulations make it more expensive to produce oil in California, compared to other states.
The Independent
16-05-2025
- Business
- The Independent
A Texas suburb that saw its population jump by a third is the fastest-growing city in the US
The fastest-growing city in the U.S. last year was a Dallas suburb that saw its population jump by nearly a third. The number of residents in Princeton, located about 46 miles (74 kilometers) north of Dallas, increased from about 28,000 to 37,000 from 2023 to 2024, the U.S. Census Bureau said Thursday. The growth has come so quickly that the city — which more than doubled its population since 2020 — has struggled to build roads and infrastructure fast enough as it transforms from a farming community. Princeton Mayor Eugene Escobar Jr. said that when he first moved to the area over a decade ago, there were just two stoplights, and they had to do their shopping in the next town over. Princeton now has several stoplights and a Walmart, he said, but has had to implement a temporary moratorium on new home construction so infrastructure can keep pace. Cities of all sizes grew on average from 2023 to 2024, according to the U.S. Census Bureau's Vintage 2024 estimates, with New York City, Houston and Los Angeles seeing the greatest numeric gains and some cities in the Northeast and Midwest marking their first population increase in recent years. The U.S. Census Bureau said that two cities in that time period crossed the 1 million-population threshold: Fort Worth, Texas, and Jacksonville, Florida. Fort Worth now joins three other Texas cities topping that mark: Dallas with a population of about 1.3 million, San Antonio at about 1.5 million and Houston at about 2.4 million. Escobar said affordability has been the main draw to the area, which still has a small-town feel even as housing developments have blanketed the area. 'It's still cheaper to commute and live in Princeton than maybe live closer to work,' Escobar said. Median home values there, according to a news release from the city, are around $325,000, which is much lower than nearby suburbs. Three other suburbs in Collin County — Celina, Anna and Melissa — were also among the 15 fastest-growing cities in the U.S. Over the last decade or so, major companies have flocked to Dallas' booming suburbs, fueling a rapid transformation.
Associated Press
16-05-2025
- Business
- Associated Press
A Texas suburb that saw its population jump by a third is the fastest-growing city in the US
DALLAS (AP) — The fastest-growing city in the U.S. last year was a Dallas suburb that saw its population jump by nearly a third. The number of residents in Princeton, located about 46 miles (74 kilometers) north of Dallas, increased from about 28,000 to 37,000 from 2023 to 2024, the U.S. Census Bureau said Thursday. The growth has come so quickly that the city — which more than doubled its population since 2020 — has struggled to build roads and infrastructure fast enough as it transforms from a farming community. Princeton Mayor Eugene Escobar Jr. said that when he first moved to the area over a decade ago, there were just two stoplights, and they had to do their shopping in the next town over. Princeton now has several stoplights and a Walmart, he said, but has had to implement a temporary moratorium on new home construction so infrastructure can keep pace. Cities of all sizes grew on average from 2023 to 2024, according to the U.S. Census Bureau's Vintage 2024 estimates, with New York City, Houston and Los Angeles seeing the greatest numeric gains and some cities in the Northeast and Midwest marking their first population increase in recent years. The U.S. Census Bureau said that two cities in that time period crossed the 1 million-population threshold: Fort Worth, Texas, and Jacksonville, Florida. Fort Worth now joins three other Texas cities topping that mark: Dallas with a population of about 1.3 million, San Antonio at about 1.5 million and Houston at about 2.4 million. Escobar said affordability has been the main draw to the area, which still has a small-town feel even as housing developments have blanketed the area. 'It's still cheaper to commute and live in Princeton than maybe live closer to work,' Escobar said. Median home values there, according to a news release from the city, are around $325,000, which is much lower than nearby suburbs. Three other suburbs in Collin County — Celina, Anna and Melissa — were also among the 15 fastest-growing cities in the U.S. Over the last decade or so, major companies have flocked to Dallas' booming suburbs, fueling a rapid transformation.
