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larrywww

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Reply with quote  #1 

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The Fastest Growing (and Shrinking) Cities

Cities in the South remain among the fastest growing in the United States, according to statistics released May 25 by the U.S. Census Bureau.

Six of the 15 fastest growing cities are in Texas, two are in Florida, and one each in South Carolina and Tennessee. The remaining fastest growing cities are in Oregon, Arizona, Utah, Idaho, and Iowa. The geographic picture is more mixed on the other end of the spectrum.

 

Two of the 15 fastest shrinking cities are in Oklahoma, while the remaining 13 cities are in different states in nearly every region of the country. While fast-growing cities tend to have strong economies and affluent residents, most of the shrinking cities tend to have relatively low median household incomes.

While the growth rates of northeastern cities have trailed other regions for years, New York remains America’s largest city. With over 8.5 million residents, the city has twice the population as Los Angeles, the next largest city.

 

Despite losing 8,638 residents (-0.3%), Chicago remains the third largest city with a population of 2.7 million. Phoenix, Arizona added the largest number of new residents, at 32,113 (an average of 88 people per day) between 2015 and 2016.

 

Fastest Growing Cities

#

City

12 month population growth

Population increase

Population July 2016

Median household income

15

Fort Meyers, FL

4.5%

3,291

77,146

$39,039

14

Ankeny, IA

4.5%

2,518

58,627

$75,465

13

Meridian, ID

4.5%

4,122

95,623

$63,023

12

Cedar Park, TX

4.5%

2,996

68,918

$82,311

11

Lehi, UT

4.6%

2,702

61,130

$77,662

10

Murfreesboro, TN

4.7%

5,886

131,947

$51,094

9

New Braunfels, TX

4.7%

3,311

73,959

$59,721

8

Bonita Springs, FL

4.8%

2,460

54,198

$53,955

7

Buckeye Town, AZ

4.8%

2,988

64,629

$58,939

6

Bend, OR

4.9%

4,280

91,122

$52,989

5

Georgetown, TX

5.5%

3,501

67,140

$63,041

4

Greenville, SC

5.8%

3,680

67,453

$41,924

3

McKinney, TX

5.9%

9,607

172,298

$81,459

2

Frisco, TX

6.2%

9,576

163,656

$114,098

1

Conroe, TX

7.8%

5,924

82,286

$47,680

 

 

 

Fastest Shrinking Cities

#

City

12 month

population decline

Population decrease

Population July 2016

Median household income

15

Springfield, OH

-0.9%

-531

59,087

$32,066

14

Gary, IN

-0.9%

-692

76,424

$28,020

13

Jackson, MS

-1.0%

-1,770

169,148

$28,020

12

Baltimore, MD

-1.1%

-6,738

614,664

$42,241

11

Columbus, GA

-1.1%

-2,166

197,485

$42,306

10

St. Louis, MO

-1.1%

-3,471

311,599

$35,599

9

Odessa, TX

-1.1%

-1,318

117,871

$59,337

8

Shreveport, LA

-1.1%

-2,238

194,920

$38,583

7

Portsmouth, VA

-1.1%

-1,104

95,252

$45,676

6

Enid, OK

-1.2%

-600

51,004

$46,365

5

Albany, GA

-1.3%

-1,006

73,801

$46,365

4

Casper, WY

-1.6%

-979

59,324

$57,790

3

Lawton, OK

-1.7%

-1,658

94,653

$42,493

2

Camden, NJ

-1.8%

-1,331

74,420

$25,042

1

Manhattan, KS

-2.4%

-1,370

54,983

$43,104

 

 

Top Cities for Out-Of- Town House Hunters

Nearly one in five online home shoppers focused their searches on properties outside their current metro area during the first quarter of 2017.

Even for consumers with high-paying jobs, there's not enough "budget-friendly housing" to keep them anchored to their current cities, according to Redfin Chief Economist Nela Richardson. "For many, the only path to homeownership is to pack up and move out."

Here's a look at the top cities where out-of-town house hunters are looking to buy. Mortgage lenders can capitalize on these trends with targeted marketing and specialized customer service to cater to these consumers.

The data, from online real estate brokerage Redfin, compares the number of out-of-towners searching in a metro area minus local shoppers searching in other cities.

 

#

City

Percentage of

Out of Town Shoppers

Median Sales Price

Where Most Shoppers

Currently Live

10

San Diego, CA

21.8%

$530,000

Los Angeles, CA

9

Austin, TX

22.2%

$360,000

San Francisco, CA

8

Miami, FL

23.1%

$279,000

New York, NY

7

Tampa, FL

52.4%

$204,000

Washington, D.C.

6

Portland, OR

15.1%

$414,000

San Francisco, CA

5

Atlanta, GA

20.0%

$269,000

Washington, D.C.

4

Dallas, TX

22.5%

$310,000

Los Angeles, CA

3

Las Vegas, NV

35.9%

$230,000

Los Angeles, CA

2

Phoenix, AZ

27.9%

$414,000

Los Angeles, CA

1

Sacramento, CA

35.4%

$285,000

San Francisco, CA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

larrywww

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Reply with quote  #2 
It looks like the Bay Area is losing population to Austin, Portland, Oregon and Sacramento.

And 4 different cities are gaining homeowners from Los Angeles.

Smart move, IMHO.

It should mean price appreciation in those cities receiving positive migration.

I wish Bruce or someone would figure out which of these cities is the best place to invest in.

The shrinking cities list is rather interesting.  Many of the top cities don't look like the usual suspect list.  Manhattan Kansas at the top?  
And Casper Wyoming?  2 Cities in Oklahoma.

Odessa makes sense because of the oil bust.  But alot of the cities on that list don't make alot of sense to me.


rickencin

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Reply with quote  #3 
There have been several really good threads lately.  It's interesting that many buyers from San Francisco and Los Angeles are looking elsewhere.  One of my family members is helping their kid buy a first home in a nice-ish LA neighborhood that need so much work that it is a total remodel.  It will be well north of $800,000 when it is done.  Not surprisingly down payments are a real problem for younger buyers (no trade up equity). 

https://apnews.com/c431245ded804849a15b667c439f2a23/missing-ingredient-millennials-down-payment-savings

Jay mentioned solving peoples problems.  It is interesting how well credit solves problems.  People earn one or two paychecks a month.  They can budget one payment a month.  They are terrible at saving up for years to buy something.  Some financial disaster always seems to come along and kill savings.  If you can solve the down payment problem then you just match the rate of earning with the rate of spending.  People just love getting their stuff right now.

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Rick
Greg

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Reply with quote  #4 
Pretty interesting and would be cool to break it down in to some case studies.

For example :
              Who "lives" in San Francisco and really wants to move to Sacramento? Do they have jobs in SF? Are they renters?

              And of course we know people that live in LA would like to move here to San Diego - but can they?

              Then  there is DC to Tampa. I'm guessing that is a retirement conduit.


In any case these flows are probably a really good way to think about real estate futures.
larrywww

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Reply with quote  #5 
I look for an anomaly when I do real estate research.

One of the biggest ones I have seen recently: A list of the 21 most expensive places on Planet Earth to rent a 2 bedroom.

On the same list as Paris, London, Tokyo, Hong Kong, San Francisco, there was.... wait for it----Chicago????!!!


Yeah, that surprised me too.  I don't know if this is just the downtown area or where they were getting their data for the City---but I seriously doubt you would spend nearly as much money in Chicago compared to those other cities on the list.

Yes, Chicago does have decent mass transit----and the downtown is nicely arranged.  But I never thought of it as a world beater in this particular category.

Yes, Chicago came in at # 20 out of 21.  But I still find that kind of hard to believe.

http://www.businessinsider.com/most-expensive-cities-around-the-world-to-rent-a-2-bedroom-apartment-2017-5/#21-toronto-canada-1377-1
chatterweb

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Posts: 318
Reply with quote  #6 
I believe that California is still the best State to invest in RE especially in San Diego as well as other beach and bay communities. 
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