Americans are considering markets outside of iconic urban centers like New York and Los Angeles when they value what makes a city a great place to live. Many are taking a new view at once-overlooked markets deemed too quiet as an alternative to crowded and expensive cities that traditionally lured countless Americans.
With an influx of new residents, these cities are seeing new business growth, job expansion and increasing cultural opportunities, according to a report from Clever Real Estate. The report identified the top up-and-coming cities most likely to attract Americans next year based on housing prices, population age, educational attainment and unemployment. The list excludes the 50 most populous markets in the United States.
Clever Real Estate’s top 10 up-and-coming markets are:
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- Madison, Wisconsin - Madison is home to the University of Wisconsin, a top-20 research institution that has produced one of the most highly-educated populations in the study. The city boasts an impressive food and arts scene as well as robust outdoor activities. Its cost of housing is slightly higher than the national average, but those who have invested have seen home values rise about 5.5% in the past year.
- Fargo, North Dakota - Fargo may be known for its frigid winters, but it also offers affordable housing prices and a lower-than-average home-price-to-income ratio, which is particularly attractive to young adults. The city’s average resident is 33 years old and its unemployment rate is low.
- Lincoln, Nebraska - It's home to the University of Nebraska as well as a number of tech companies eager to hire from the local talent pool. Unemployment is just 2.6% in Lincoln, and the typical home costs 21% less than the national average.
- Provo, Utah - Provo is one of the fastest-growing cities in the United States thanks to its beautiful setting and abundance of outdoor activities. Brigham Young University attracts a large population of educated young adults to the city. The median household income in Provo is more than $100,000.
- New Haven, Connecticut - New Haven ranks among the most walkable and bikeable cities in Clever Real Estate’s ranking. The city is home to Yale University as well as a vibrant cultural scene. It remains affordable despite home values growing by 8% over the past year, with homes costing just 3% more than the national average.
- Omaha, Nebraska - Omaha is one of the most affordable cities for buyers with a home-price-to-income ratio of 3.5%, which is 24% below the national average. It is home to a number of Fortune 500 companies that provide plenty of well-paying jobs, keeping unemployment below 3%. Home prices are 20% lower than the national average, making Omaha one of the most affordable locales on Clever Real Estate's list.
- Ann Arbor, Michigan – Ann Arbor has an above-average walkability score as well as an innovative culinary scene, plenty of outdoor recreation and a thriving tech and business community. The University of Michigan is one of the city’s biggest attractions, and hosts the largest stadium in the country.
- Fayetteville, Arkansas - The area offers a low cost of living, quality schools, outdoor activities and cultural amenities, according to Clever Real Estate. It attracts many young professionals and is home to three Fortune 500 companies, including Walmart. Property values in Fayetteville have increased 67% in the past five years.
- Portland, Maine - Home values have grown 66% in Portland over the past five years and are projected to grow 3% over the next year. Unemployment is only 2.2%, and residents enjoy close proximity to beaches, mountains and forests.
- Hartford, Connecticut - One of the oldest cities in America, Hartford has added modern amenities to its historical attractions. Home values are rising as the city adds convention centers, entertainment venues and galleries. Although home prices are slightly higher than average, workers in Hartford also enjoy above-average salaries.
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
