Something’s going on in certain neighborhoods across America—a handful of bedroom communities, a few formerly overlooked (or once seriously downtrodden) downtown districts, and even one high-profile area considered the hallowed birthplace of the modern hipster.
So we identified the 10 fastest-growing neighborhoods in America that are slated to grow even faster—places where job opportunities abound, new households are forming, and new homes are being built to meet the growing demand. Places that are, in every sense, booming.
From Brooklyn to Las Vegas, our study yielded a fascinating mix of unexpected neighborhoods on the rise—some that you just wouldn’t expect to be big, others that you might have thought had already reached their peak.
Our economic data team combined projected measures of job creation, household formation and new construction for 2016 to identify the top growth counties. Every neighborhood on this list, based on ZIP code analysis, has experienced up to five times the job growth of the top 100 counties in the country. Household growth in each of these areas is up to seven times the growth of the top 100 areas. New home starts are up to six times the growth in the top 100 counties. And most important, each individual ZIP is projected to see a growth in households of 9% to 19% over the next five years.
“The markets we chose are the areas that are experiencing the most balanced growth. They are seeing the job creation that leads to the country’s greatest growth in households,” says Jonathan Smoke, our chief economist, who led the analysis. “But they are also seeing more new construction, which is needed to enable the forcasted growth.”
Projected five-year household growth: 15.9%
Within the Phoenix metropolitan area, Gilbert is truly a family’s suburban dream come true. Topping our Boom Towns list is this region covering the neighborhoods of Power Ranch, Seville, and Trilogy. The area offers a laid-back feel with large-scale amenities, including the 7.5-acre Ranch House Park, two community lakes, and 26-plus miles of trail knitting it all together.
The area also offers top-rated schools, including Centennial Elementary, which was ranked No. 1 in the state in 2013, according to GreatSchools.org.