Analyzing Metropolitan areas that have shown rapid population growth in recent years
Searching for a preferred area, city, or neighborhood for investment must begin with a macro analysis of the metropolitan areas. The Metropolitan Level analysis is an important tier to understanding the strength and trends of the region. These macro trends have a significant impact on the city and neighborhood level trends.
Because there is a direct link between rapid population growth resulting from migration, economic growth, wage increases, and property value increases, we will examine the following indicators and compare them to the overall US data:
Total population: The total number of people who live in the area, measured by factoring in the net migration (the number of people who have moved to the area minus the number of people who have left), and the natural growth number (births minus deaths in the area).
Population growth trend: The growth rate of the metropolitan population since 2015. Above-average population growth indicates that the total population is growing faster in this ZIP code than in other countries or the national average. In the short run, this often leads to rising property value, including both purchasing and renting prices, as the demand for housing surpasses the supply.
Net migration: The number of people who have moved to the area minus the number of people who have left. Positive net migration, when more people have moved to an area than people who have left, is a positive insight that signals the attractiveness of the area.
Net migration as a percentage of population growth: The percentage of migrants into the metropolitan area out of the total migration into the state.
Economic activity — GDP (Gross Domestic Product): The total value of all the goods and services produced in an area during a given period, in monetary terms, before deduction of depreciation. GDP is a measure used by professional economists to establish the economic activity of a particular area. Increasing economic activity leads to higher demand for workers, contributes to increasing immigration to the area, increasing the population, increasing wages, and eventually increasing the value of assets.
GDP is an important indicator in spatial location analysis. Using this indicator provides many location insights.
GDP trend — the growing rate of the metropolitan GDP. An above average growth rate indicates relatively strong economic activity.
Median household income: The 50th percentile of annual household income in the area, meaning that half the households earn more, and the other half earn less than this figure.
Median household income trend: The rate of median household income growth in the area over several years. Above-average household income growth indicates that households in this area will be able to afford higher rental prices in the future in comparison to the county or national level.
Median home value: The 50th percentile of the price of a property, meaning that half of the homes are priced beneath this value, and half above it.
Median home value trend: The rate of median home value growth in the area over several years. Above-average price growth indicates that demand was higher than supply, indicating strong economic foundations for the ZIP code.
**These above indicators must be examined over a period of at least five years and be compared to the total US national averages and trends.
Total US data:
US population growth since 2015: 3.1%.
US GDP growth since 2015: 17.6%.
US median income: $65,712; growth since 2015: 18% .
US median home value: $240,500.
Fastest growing Metropolitan Statistical Areas (MSA) in the US:
- St. George, UT MSA
Total population — 184,913 people.
Population growth since 2015–19.5%.
Net migration — 28,693 migrants since 2015 (about 95% increase in the population since 2015 is immigration).
GDP — $6,550M, about 40% growth since 2015.
Median household income — $59,839, about 18% growth since 2015.
Median home value — $283,800, about 33% growth since 2015.
2. Myrtle Beach-Conway-North Myrtle Beach, SC-NC MSA
Total population — 514,488 people.
Population growth since 2015–19%.
Net migration — 103,916 migrants since 2015 (about 125% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $18,461M, about 25% growth since 2015.
Median household income — $56,977, about 28% growth since 2015.
Median home value — $212,100, about 28% growth since 2015.
3. NC Austin-Round Rock-Georgetown, TX MSA
Total population — 2,295,303 people.
Population growth since 2015–14.6%.
Net migration — 258,083 migrants since 2015 (about 88% increase in the population since 2015 is immigration).
GDP — $159,361M, about 28% growth since 2015.
Median household income — $80,954, about 20% growth since 2015.
Median home value — $318,400, about 32% growth since 2015.
4. The Villages, FL MSA
Total population — 139,018 people.
Population growth since 2015–18.5%.
Net migration — 35,345 migrants since 2015 (about 162% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $3,131M, about 32% growth since 2015.
Median household income — $57,226, about 13% growth since 2015.
Median home value — $258,600, about 14% growth since 2015.
5. Greeley, CO MSA
Total population — 333,983 people.
Population growth since 2015–16.5%.
Net migration — 41,749 migrants since 2015 (about 88 % increase in the population since 2015 is immigration).
GDP — $19,899M, about 34% growth since 2015.
Median household income — $78,615, about 29% growth since 2015.
Median home value — $366,800, about 74% growth since 2015.
6. Bend, OR MSA
Total population — 201,769 people.
Population growth since 2015–15.7%.
Net migration — 30,191 migrants since 2015 (about 110 % increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $19,899M, about 34% growth since 2015.
Median household income — $78,615, about 29% growth since 2015.
Median home value — $366,800, about 74% growth since 2015.
7. Lakeland-Winter Haven, FL MSA
Total population — 744,552 people.
Population growth since 2015–14.7%.
Net migration — 105,508 migrants since 2015 (about 110% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $28,369M, about 26% growth since 2015.
Median household income — $51,833, about 20% growth since 2015.
Median home value — $175,400, about 63% growth since 2015.
8. Boise City, ID MSA
Total population — 770,353 people.
Population growth since 2015–14.1%.
Net migration — 86,868 migrants since 2015 (about 91% increase in the population since 2015 is immigration).
GDP — $37,685M, about 32% growth since 2015.
Median household income — $66,466, about 30% growth since 2015.
Median home value — $293,700, about 75% growth since 2015.
9. Coeur d’Alene, ID MSA
Total population — 170,628 people.
Population growth since 2015–14.1%.
Net migration — 22,054 migrants since 2015 (about 105% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $6,697M, about 28% growth since 2015.
Median household income — $57,242, about 16% growth since 2015.
Median home value — $260,300, about 40% growth since 2015.
10. Provo-Orem, UT MSA
Total population — 663,181 people.
Population growth since 2015–13.6%.
Net migration — 35,203 migrants since 2015 (about 44% increase in the population since 2015 is immigration).
GDP — $29,567M, about 37% growth since 2015.
Median household income — $79,152, about 28% growth since 2015.
Median home value — $360,600, about 58% growth since 2015.
11. Cape Coral-Fort Myers, FL MSA
Total population — 790,767 people.
Population growth since 2015–13 %.
Net migration — 116,925 migrants since 2015 (about 129% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $32,683M, about 25% growth since 2015.
Median household income — $62,240, about 28% growth since 2015.
Median home value — $244,700, about 55% growth since 2015.
12. Daphne-Fairhope-Foley, AL MSA
Total population — 229,287 people.
Population growth since 2015–12.9 %.
Net migration — 29,636 migrants since 2015 (about 113% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $7,223M, about 23% growth since 2015.
Median household income — $58,320, about 16% growth since 2015.
Median home value — $197,700, about 17% growth since 2015.
13. Punta Gorda, FL MSA
Total population — 194,711 people.
Population growth since 2015–12.8 %.
Net migration — 36,663 migrants since 2015 (about 166% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $5,695M, about 28% growth since 2015.
Median household income — $51,499, about 16.4% growth since 2015.
Median home value — $195,400, about 34% growth since 2015.
14. Raleigh-Cary, NC MSA
Total population — 1,420,376 people.
Population growth since 2015–11.6 %.
Net migration — 131,348 migrants since 2015 (about 88% increase in the population since 2015 is immigration).
GDP — $94,806M, about 30% growth since 2015.
Median household income — $80,096, about 26% growth since 2015.
Median home value — $285,600, about 35% growth since 2015.
15. Fayetteville-Springdale-Rogers, AR MSA
Total population — 548,634 people.
Population growth since 2015–11.5 %.
Net migration — 47,048 migrants since 2015 (about 83% increase in the population since 2015 is immigration).
GDP — $23,863M, about 11.9% growth since 2015.
Median household income — $61,674, about 25% growth since 2015.
Median home value — $196,300, about 34% growth since 2015.
16. North Port-Sarasota-Bradenton, FL MSA
Total population — 854,684 people.
Population growth since 2015–11.3 %.
Net migration — 128,950 migrants since 2015 (about 149% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $36,550M, about 25% growth since 2015.
Median household income — $65,526, about 28.6% growth since 2015.
Median home value — $273,500, about 56% growth since 2015.
17. Idaho Falls, ID MSA
Total population — 155,361 people.
Population growth since 2015–11.3 %.
Net migration — 9,807 migrants since 2015 (about 62% increase in the population since 2015 is immigration).
GDP — $7,996M, about 30% growth since 2015.
Median household income — $61,007, about 28.6% growth since 2015.
Median home value — $183,000, about 20.5% growth since 2015.
18. Crestview-Fort Walton Beach-Destin, FL MSA
Total population — 289,468 people.
Population growth since 2015–10.7 %.
Net migration — 27,061 migrants since 2015 (about 97% increase in the population since 2015 is immigration).
GDP — $16,013M, about 26% growth since 2015.
Median household income — $62,627, about 17% growth since 2015.
Median home value — $183,000, about 32% growth since 2015.
19. Phoenix-Mesa-Chandler, AZ MSA
Total population — 5,059,909 people.
Population growth since 2015–10.4 %.
Net migration — 431,395 migrants since 2015 (about 90% increase in the population since 2015 is immigration).
GDP — $237,472M, about 15% growth since 2015.
Median household income — $67,896, about 26% growth since 2015.
Median home value — $183,000, about 58% growth since 2015.
20. Orlando-Kissimmee-Sanford, FL MSA
Total population — 2,639,374 people.
Population growth since 2015–10.4 %.
Net migration — 251,379 migrants since 2015 (about 101% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $128,416M, about 16% growth since 2015.
Median household income — $61,876, about 27% growth since 2015.
Median home value — $255,500, about 62% growth since 2015.
21. Las Vegas-Henderson-Paradise, NV MSA
Total population — 2,315,963 people.
Population growth since 2015–10.4 %.
Net migration — 200,577 migrants since 2015 (about 92% increase in the population since 2015 is immigration).
GDP — $128,496M, about 24% growth since 2015.
Median household income — $62,107, about 20% growth since 2015.
Median home value — $313,100, about 78% growth since 2015.
22. Naples-Marco Island, FL MSA
Total population — 392,973 people.
Population growth since 2015–10.3 %.
Net migration — 47,505 migrants since 2015 (about 129% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $16,351M, about 14% growth since 2015.
Median household income — $76,025, about 32% growth since 2015.
Median home value — $370,800, about 36% growth since 2015.
23. Port St. Lucie, FL MSA
Total population — 499,274 people.
Population growth since 2015–10.2 %.
Net migration — 62,053 migrants since 2015 (about 135% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $15,544M, about 11.2% growth since 2015.
Median household income — $62,608, about 35% growth since 2015.
Median home value — $370,800, about 67% growth since 2015.
24. Sebastian-Vero Beach, FL MSA
Total population — 162,518 people.
Population growth since 2015–10.1 %.
Net migration — 23,113 migrants since 2015 (about 154% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $6,829M, about 26.6% growth since 2015.
Median household income — $57,740, about 26% growth since 2015.
Median home value — $202,300, about 28% growth since 2015.
25. Spartanburg, SC MSA
Total population — 326,205 people.
Population growth since 2015–9.9 %.
Net migration — 29,612 migrants since 2015 (about 101% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $16,949M, about 29.5% growth since 2015.
Median household income — $55,339, about 29% growth since 2015.
Median home value — $158,800, about 33% growth since 2015.
26. Charleston-North Charleston, SC MSA
Total population — 819,705 people.
Population growth since 2015–9.8 %.
Net migration — 71,375 migrants since 2015 (about 97% increase in the population since 2015 is immigration).
GDP — $45,585M, about 25% growth since 2015.
Median household income — $70,505, about 32% growth since 2015.
Median home value — $266,600, about 40% growth since 2015.
27. Jacksonville, FL MSA
Total population — 1,587,892 people.
Population growth since 2015–9.8 %.
Net migration — 140,611 migrants since 2015 (about 99% increase in the population since 2015 is immigration. The positive migration compensates for the negative natural increase).
GDP — $87,140M, about 23% growth since 2015.
Median household income — $65,880, about 26% growth since 2015.
Median home value — $230,100, about 45% growth since 2015.
Data sources
Reli.AI uses only the latest statistics available and cross-referenced from several leading government sources. We aggregate the data from different information sources, create a large API, and make the information clearly accessible to real estate investors.
